Financial
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A clear, personalised path to your financial goals.
14 August, 2019
The sandwich generation
First Financial Team
Are you a member of the sandwich generation?
Do you have ageing parents that you support while also caring for dependent children?
Well, you are not alone! It is estimated that more than 1.5 million Australians are in your position, and the number is undoubtedly rising. Our ageing population and the increased rate of delayed parenthood have created this ever-growing statistic.
We understand your desire to support your family and we know there are many emotional factors that can influence your decisions.
However, overextending your finances today can generate many more challenges in your future and lead to your family’s next generation being in a similar position in the years to come.
Consider your own situation first
Right now, you may have assets that enable you to offer some financial support to your elderly parents. Or you might consider dipping into savings to help your children with a wedding or deposit for a house. Of course, your heart is telling you to do it… but you need to think about your overall financial position and your goals for the future, first.
Every dollar given away today could impact your own financial security in your retirement years, and perpetuating financial instability is the last thing you want to do. Taking funds out of your superannuation savings or investments can have a dramatic effect on the compound interest which will maximise your likelihood of having enough income to last throughout retirement.
It’s important to be realistic about your own needs before over-committing yourself. Consider the amount of income you will require once you are no longer working. How much super do you have? What about your other assets? Being clear about your position will help you recognise how much support you can offer without sacrificing your future.
Government services and entitlements
To help reduce the load, make sure that elderly parents are receiving all their government entitlements. If they have been responsible for their own finances for many years, it’s possible that they are not aware of the most current benefits. Contacting Centrelink and reviewing the full range of entitlements could help ease some of the financial strain.
While you are going through the assessment process, it is also worth reviewing the carer allowance criteria. You may well be entitled to some financial support yourself.
Plus, there is a range of government-funded services available to older Australians. You might be able to access help at home, short-term care or other types of care via the My Aged Care website.
Insurance cover
With our young clients there is often the belief that the ‘bank of mum and dad’ will bail them out if they fall ill or suffer an injury and can’t work… so they are less likely to take out insurance cover.
And while this may be the case, it can leave parents taking on a financial burden that can have a significant effect on their own financial situation and retirement plans. This can be exacerbated when there are grandchildren who also need ongoing care and financial support.
One approach some parents have taken is to purchase insurance cover on behalf of their adult children.
The children can be the life insured while the parent is the policy owner and pays for the insurance premiums.
If an insured event occurs the insurance proceeds will be paid to the parent, who can use them to make sure their children and grandchildren are looked after. This gives parents peace of mind that no matter what happens their loved ones will be provided for without detriment to their own financial situation.
Seek help from a professional
We understand that these types of issues can be fuelled with emotion. Complex family finances can cause stress and unwanted conflict. If you find yourself unsure of how to move forward without jeopardising your own wealth, then we recommend contacting a financial planner for professional advice.
A third-party perspective can often ease some of the pressure and provide an objective solution. To find out how First Financial can help you, contact our team today. Read more Financial Planning articles.
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Larry and Virginia
Life Stage:
Newly retired
Background:
As retirement neared, Larry and Virginia were ready to enjoy travel, family, and freedom, without uncertainty. A friend recommended First Financial, and from the first meeting, they had a clear plan, a safety net, and people they trusted.
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“We’ve travelled the world, Europe, Sri Lanka, Vietnam, without once stressing about the money. They made everything feel simple and gave us the confidence to live well. We feel secure because we know exactly where we stand, and that peace of mind means everything.”
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Tim and Adam
Life Stage:
Early retirement and working professional
Background:
When Tim received an overseas medical settlement, he and Adam had just 14 days left in a 90-day window. They needed clear guidance, fast. A referral led them to First Financial.
- Only two weeks left to meet urgent legal and financial deadlines
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“We’re in totally different life stages, but First Financial built a strategy that supports us both. From urgent legal steps to ethical investing, they handled every detail with calm, care, and real expertise. It’s financial freedom without compromise, and we couldn’t have done it without them.”
CLIENT STORY
Jan
Life Stage:
Retired
Background:
Jan's husband managed the finances until entering aged care. Jan gradually stepped into the financial picture with First Financial’s support.
- Needed financial guidance after business sale
- Lacked experience managing complex finances
- Sought consistent income and long-term structure
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“The money just comes in. I don’t have to think about it. And I know they’re always there. They’ve always been there in the background, just quietly making things work.”
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Lyn
Life Stage:
Retired widow
Background:
Lyn stepped into financial management for the first time after her husband's passing. With patience and care, First Financial supported her through grief, learning, and empowerment.
- Had never managed finances before
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“After my husband passed, I was completely unsure where to start. First Financial gave me the space to learn, to ask questions, to grow confident. They drew a diagram that I still have. And now, I sleep well at night knowing I’ve got someone in my corner.”
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John
Life Stage:
Retired business owner
Background:
After decades of running a successful pharmacy, John sought financial guidance to simplify decision-making and support long-term planning.
- Navigated the sale of a long-held business
- Wanted simple, honest advice after burnout
- Needed a hands-on adviser he could talk to
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“I feel genuinely supported by First Financial. I can ask anything, and there’s no pressure, just clear advice and real care. The money’s growing, I’m not stressed about it, and I feel completely at ease for the first time. I don’t miss work, but I’d miss the support I get from First Financial.”
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Graeme and Craig
Life Stage:
Retired and semi-retired
Background:
Referred by friends helped through aged care, Craig sought secure financial guidance after inheriting funds.
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- Building trust for someone new to advice
- Accessible, personalised advice
- Provided a low-risk strategy with regular income
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- Delivered calm, expert support through all transitions
“We feel very secure with First Financial, the income just comes in, and we know everything is being looked after. It’s not just safe, it’s smart. We’ve recommended them to others because we genuinely believe in the team.”
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