There's a video which I came across from NTUC income that spoke about the many struggles we face especially those who need to start their own family and still have to provide for their parents. These people are the sandwich generation.
Here's the video:
Financial planning in a way is not just for ourselves but also for the good of our next generation. If we do not want to burden our next generation, the wise choice will be to plan properly for our finances.
Unfortunately, life in Singapore will definitely get costlier over the years. Our next generation will be struggling for their own finances so we should not burden them with our retirement needs. As a working adult in Singapore where I am now planning to settle down, the financial planning part is indeed not easy as there are lots of cost to plan for. I'm fortunate that I started planning much earlier so I don't have to worry too much now nor do I need to take any loan for wedding or renovation needs. But for those who did not execute this well and take up lots of unnecessary loans, it will take a strain on their finances as well as the finances of their next generation.
If you have kids now or planning to have kids, you may want to start planning for your finances early and make prudent financial decisions so that you will be the last sandwich generation.
