SINGAPORE - More Asian families are struggling under the pressure of simultaneously supporting their children and ageing parents, a study released Wednesday said.
Longer lifespans and women bearing children at a later age have increased the number of Asia's so-called "sandwich generation," said the study by the Economist Intelligence Unit (EIU).
"Across the region, many members of the sandwich generation are squeezed by the financial burden of caring for multiple generations and are concerned that their future living standards will decline," it said.
One in five working-age Asians is now a member of this group, said the EIU study, sponsored by investment product and services provider Fidelity International.
Members of this cohort are typically aged between 30 and 45, married and support one or two children and two parents or parents-in-law, and their size varies across the region, according to the study.
In China, 37 percent of the working-age population cares for both children and elderly parents, while in Japan and Australia the figure is only six percent.
Due to financial pressure, members of this group are working harder, saving less and taking fewer risks with their money, the study said.
"More than one-third... have had to work harder to cover family expenses since becoming 'sandwiched', about half have reduced their savings and investments and nearly two-thirds are more cautious with their existing investments than they would otherwise be," it added.
More than a third -- 36 percent -- of them say they are "struggling to cope" with the demands of supporting both children and ageing parents, with the number higher in Hong Kong at 53 percent.
Filial piety, however, remained strong, with 78 percent agreeing it was their responsibility to care for their aged parents, according to the study, entitled "Feeling the Squeeze: Asia's Sandwich Generation."
Personal thoughts:
With the low amount of salary which you have earned, it probably would be a tough situation for you to support your whole family’s expenses. Such as children's education is a major expense, providing healthcare for elderly parents is an additional burden especially for the lower income group. Thus, even by working more longer hours will not do much help to reduce their expenses. Therefore, government had stepped into this situation and help up with the poor to cope with their basic expenses. Such as providing funds to the lower income family or giving out some daily necessities to them, which Singapore have been doing. In order, to help parents reduce their child’s education fees and to reward those hardworking and outstanding students, by giving out some scholarships or bursaries. As a result, it would not only help the parents in their expenses, it had also help to motivate the students to work hard. Perhaps, saving habits are also encouraged for each individual.
Liow Yan Ling
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