NTUC Income just launched a viral marketing video that complements their recent study on the Sandwich Generation and how Singaporeans view their financial future.
I know it’s becoming viral because my friends who aren’t great at financial planning started posting the video in Facebook.
In case you’ve not watched it before, here’s the video.
Warning: Have your tissue box nearby before you click the ‘play’ button.
Essentially, the Sandwich Generation is defined as parents who are tasked with supporting their own children, as well as their parents at the same time.
In Singapore, our Asian values means that we are often dependents of our parents when they are no longer working. Some continue working out of necessity because their kids aren’t able to support them.
I’m not in the Sandwich Generation yet because I’m still single but I’m already supporting my mum’s retirement through monthly top-ups in her CPF Retirement Account and allowances.
Due to our family circumstances, I’m also the owner of the 3-room HDB flat that we are staying in and paying the monthly mortgage.
If I get married and have a kid, I’d get auto-enrolled into the Sandwich Generation. No questions asked. 🙂
For many of us, I would like to think that we are in a position where we can help our kids get out of the Sandwich Generation by taking care of our own retirement.
When your kids do not have to take care of your retirement, they will be free to focus on being the best version of themselves. Isn’t that truly what we want for our kids?
What if you’re already close to 60 years old and left with a very short financial runway to turn thing around?
I’m sorry because I’m no motivation speaker and I can’t make you jump across a fire pit, thinking that everything’s going to be alright and fill you with all that kool-aid.
The reality is that you’d probably still need your kids to take care of your financial needs. But you could manage your personal finance, reduce unnecessary expenses and channel savings into low-risk income investments. Perhaps you could self-fund at least 50% of your living expenses.
Here are some of the things I’m doing, to ensure my kid (if I ever have one) doesn’t join the Sandwich Generation.
Every little effort you make, will help ease the burden you have on your kids.
Because even if you may not be the last Sandwich Generation in your family, your decisions could give your kids a chance to be the last Sandwich Generation.
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