Filial piety is deeply ingrained in moral, and in some cases, legal responsibility in Singapore. The truth is, however, this cultural obligation adds a huge financial burden. Elderly parents often require more than just medical attention; of course, they need long-term care, which is expensive, whether it’s home care or a nursing facility. Aside from financial problems that may require a money lender, it can also pose career and personal problems.
If you’re a part of the sandwiched generation in Singapore, you know this to be true. It’s never easy, but by correctly managing your finances, time, and taking care of yourself, you’ll be able to take care of your loved ones as well.
Balancing family responsibilities and career
A high-pressure work culture barely allows time to balance family responsibilities with career aspirations. Climbing up the career ladder can especially be a struggle if you’re caring for aging parents and children. Because it takes lots of time, energy, and attention, you won’t have much of these things anymore for personal or family needs. At the end of the day, you’ll have to find a way to balance both your career and taking care of your children and parents.
Managing Financial Stress and Precluding Burnout
Funding children’s education, paying for elder care, and managing day-to-day expenses leave many in the sandwiched generation living paycheck to paycheck. Do you find yourself dipping into your savings or piling on debt just to keep up with the demands? It’s a vicious cycle that can make it nearly impossible to focus on long-term goals like retirement or wealth-building.
Do you have a short-term and long-term financial plan? If not, if you haven’t yet taken the time to save for elder care or consider long-term care insurance, it is time to get started now. Most of these actions will move you along toward diminishing financial stress, an emergency fund, finding out what you can and can’t do with your current insurance coverage, and much more. But if you fail to do so now, you will end up consuming your retirement savings or even worse, sinking into debt. It’s not easy, but you have to think beyond the problems that you face today.
Mind and Emotions Development Priority
The psychological effects of the sandwiched generation are all the more tremendous. Caring for your parents as they age up and for your children who are yet to be independent can really put you off track and make you feel like you’re not doing enough for one or the other, or perhaps even both. Even if you’re already doing a lot, you can feel drained or worse, feel like you’re not even doing anything. It is a very common feeling, but with the right support, .
Amidst all these responsibilities, it’s important to take care of your mental health, as poor mental health can negatively affect your ability to work, make sound financial decisions, care for your loved ones, and achieve your goals. Seek support groups, find time for yourself, and if really necessary, professional help.
How can policies and support systems help?
Government schemes as the Silver Support Scheme and caregiving subsidies provide some relief. Hopefully, there will be more policies to help the sandwiched generation, such as flexible work policies, increased caregiving subsidies, and elder care financial support.
Conclusion
The sandwich generation in Singapore sits between a rock and a hard place; it experiences considerable pressure in both its wallets and wallets. If you are among them, you’ll have to plan financially, balance caregiving and career, and take care of your health physically and mentally to avoid stress and burnout. And as you do all these things, you must also plan for your future, because a bright future for you means a bright future for your family too.
