Halifax finance advisor recommends sharing, communication and financial planning to the ‘sandwich generation’

Certified financial planner Avai Kochanoff shares tips for those who care for both their parents and their children.

More Canadians have become part of the “sandwich generation” – referring to people who find themselves financially responsible for growing children and aging parents.

Avai Kochanoff is a certified financial planner who owns a financial services company. She says the sandwich generation is growing.

“It is so prevalent right now,” Kochanoff says. “There’s millions of Canadians out there. They’re typically between the ages of 40 and 50.”

Kochanoff says the sandwich generation is majority women and it’s very challenging.

“You’re trying to manage all of it,” she says. “Three generations.”

Prescriptions, housing and health care all have to be managed by the generation sandwiched in the middle, with their sole income, says Kochanoff. Some seniors have assets but she says those come with tax obligations. She recommends people look at subsidies and entitlements to manage the costs.

“You’ve got to really research it,” she says. “Know what’s all there for you and build a plan around it.”

Kochanoff says financial planners are a great resource for managing income and optimizing investments with simple advice.

“Put your oxygen mask on first,” she says. “Keep going. I know it might be stressful but even small contributions into your savings and your emergency funds are really important because you need to keep planning for your retirement.”

Kochanoff says savings also prepare you for emergencies.

Financial planning for sandwich generation families starts with communication, says Kochanoff. She recommends sharing the burden with siblings and discussing the arrangement with parents.

“Have that conversation and build that plan.”

Anyone who would like to connect with Avai to ask financial questions can join her at cafés around Halifax for her “Java with Avai” sessions on Mondays.

For more Nova Scotia news, visit our dedicated provincial page