Canadians think caring for aging parents limits career progression

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According to a recent survey released by the reverse-mortgage company HomeEquity Bank, the majority of Canadians with children living at home believe that simultaneously caring for their aging parents will take a toll on their career.

The research looked at the caregiving crunch faced by the so-called “sandwich generation,” and the impact of these dualing responsibilities on career progression, financial stability and personal well-being.

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The poll, which was conducted by Ipsos on behalf of HomeEquity Bank between March 28 to April 3, said 68 per cent of Canadians aged 25 to 65 believe that caregiving responsibilities will negatively impact their career progression, with 16 per cent thinking it will greatly have an impact and 29 per cent moderately.

Furthermore, 66 per cent of that group fear it will affect their ability to remain employed.

“The struggles faced by the Sandwich Generation are deeply concerning, and our new research confirms the very real challenges they will meet,” HomeEquity Bank senior vice-president of customer experience, Vivianne Gauci, said in a press release.

The survey said that balancing work hours would become increasingly challenging, with 76 per cent of those surveyed anticipating an impact on their hours of work.

According to the study, nearly one-third of Canadians have made a promise to their aging parents that they will not put them in long-term care. However, the research reveals significant concerns around keeping their promise, with more than half worrying about how to fulfill the commitment.

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Outside of work, that group also faces the daunting task of dividing their time between caring for their parents and their children, with 61 per cent saying that the related emotional strain of those time commitments is a concern.

Financial concerns weigh heavily on them as well. While home health-care support, such as professional Personal Support Workers (PSWs), could help, costs for these are worrying, they said.

The study said 70 per cent worry about the strain of supporting both their parents and their children on top of worrying about the costs associated with home care from professionals.

A sample of 1,033 Canadians aged 25 to 65 who have a relationship with an aging parent were interviewed by Ipsos for the survey. A subset of these also have children under their care.

The poll has a margin of error of ± 3.7 percentage points, 19 times out of 20, had all Canadians aged 25 to 65 with aging parents been polled.

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