Survey by Credit Canada and Capital One Canada for Credit Education Week
finds more money can mean more embarrassment
TORONTO, Nov. 15, 2011 /CNW/ - The stress of financially supporting both
a child and aging parents is not only impacting peoples' wallets, but
also the romance for a majority of Canadians in the Sandwich
Generation. More than 70% of Canadians in a relationship and with a
family income of less than $50,000, who also help support an aging
parent, indicate that the romance in their relationship is suffering.
The survey conducted by Credit Canada and Capital One Canada for the
fifth annual Credit Education Week also found that, 4 in 10 Canadians
in the Sandwich Generation are concerned that they will have to
financially support their aging parents in the future, yet the vast
majority (82%) in this growing group are not yet prepared or don't know
if they ever will be prepared to do so.
Compounding this lack of preparation, the majority of Canadians (54%) in
the Sandwich Generation have not talked with their aging parents about
their ability to support themselves in the future. Being uncomfortable
or embarrassed was the main reason cited by almost 40% of these
people. The survey also found that surprisingly the more money people
make, the more embarrassed they become.
"We know some families are scared to bring up the subject because
they're concerned they won't be able to provide financial support if
it's needed, but this will just delay the inevitable," said Laurie
Campbell, Executive Director, Credit Canada. "If you start saving
early, and you work with an expert like a financial advisor or credit
counselor, you have a better chance at finding the right solutions."
The survey also found:
Of those Canadians in the Sandwich Generation who are already
financially supporting their aging parents, almost half (48%) were not
financially prepared to do so
A staggering 70% of Canadians in Sandwich Generation aged 40-50 are
concerned that they will not be able to properly support their aging
parents if or when the need arises
A third of Canadians in this group provide more than $500/month
Two-thirds of the Sandwich Generation are going more into debt to
support both their children and an aging parent
"We want to encourage families to talk to each other about their
finances so they have a clear view of their parents' savings plan, and
so they have transparency into any outstanding money they might owe,"
said Rob Livingston, President, Capital One Canada. "Communication is
key to ensuring everyone has a clear picture of what those financial
obligations might be, and what they need to do to meet those
In 2007, Credit Canada and Capital One Canada teamed up to create the
first Credit Education Week Canada, with the objective to raise public
awareness and educate Canadians about the many issues and challenges
they face managing their finances, spending and savings. Now in its
fifth year, Credit Education Week will be looking at the Sandwich
Generation and the unique financial pressures they face. From November
14-18, over one hundred events and financial literacy workshops at
YMCAs and community centres right across the country will occur under
the Credit Education Week banner thanks to the support and funding of
Credit Canada and Capital One Canada provide the following tips for the
Talk to each other - Set aside some time to talk to your parents about their financial
situation. Don't be shy!
Make your kids part of the conversation - Give them a chance to participate in the discussion. They'll learn
the importance of budgeting and saving early on
Ask an expert - Consider approaching an expert to help you speak to your family about
About the survey
In September 2011, Credit Canada and Capital One Canada commissioned a
survey of 830 Canadians in the Sandwich Generation to gain insight into
their financial challenges and situations. The survey respondents were
equally distributed across the 4 major regions of Canada (West,
Ontario, Quebec and East) and the margin of error is +/- 3.4%, 19 times
out of 20.
About Credit Canada Credit Canada is a non-profit charitable service that has assisted
thousands of people with credit counseling and debt management programs
since 1966. Credit Canada is a member of the Ontario Association of
Credit Counseling Services and a Charter Member of Canadian Association
of Credit Counseling Services.
About Capital One With offices in Toronto and Montreal, Capital One has offered Canadian
consumers a range of competitive MasterCard credit cards since 1996,
when the company first introduced the Platinum MasterCard in Canada.
Capital One Canada is a division of Capital One Bank, a subsidiary of
Capital One Financial Corporation of McLean, Virginia (NYSE: COF).
Capital One supports the responsible use of credit by integrating
financial education into its products, and providing Canadians with the
interactive website Understanding-Credit.ca.
SOURCE Capital One Services, Inc.
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