More and more working Canadians are finding themselves having to take care of both their children and elderly parents. This growing demographic has been dubbed “the sandwich generation,” and is composed of people in their 40s and 50s who should be taking the last few laps before retirement.

Instead, they are facing increasing financial pressures as they juggle careers, family commitments and personal well-being. Sound familiar?

According to research published by Statistics Canada, 30 percent of Canadian professionals are balancing childcare and caring for older family members while trying to further their own careers and get ahead financially. The added personal and monetary responsibility can have very real short and long-term effects.

These growing, multi-generational care costs can hinder financial plans and prevent even the best savers from getting ahead financially. Families caring for both children and older relatives have greater day-to-day expenses, and more spent today means less to put away for tomorrow. Over time this can easily translate into reduced savings or retirement income in the future.

Given the sandwich generation will continue to grow as the population ages, and as Generation Xers delay starting families, these additional family and financial responsibilities will be a reality for a greater number of Canadians.

From paying down a mortgage to childcare costs or saving for your own retirement, it’s clear the sandwich generation is under a lot of pressure. Not surprisingly, our members in these circumstances report high levels of overload both at work and at home. While an expert advisor can’t change your familial obligations, having a solid financial plan in place can help prevent financial headaches from adding to the stress.

Many financial institutions, including Valley First, can help you put a free financial plan together, which can make a real difference in preparing for the future. Don’t associate wealth with high income. Growing wealth comes from developing and sticking to a financial plan to achieve long-term goals. It takes discipline, but knowledge and planning are the best remedies for preventing financial stress.

Dustin Read is the branch manager for the Downtown Kelowna location of Valley First, a division of First West Credit Union.