Earlier this week I was chatting to some of our financial planners about sandwiches. Sadly, not the deli, club, toasted or sub kind (although if you do want to talk about those, please feel free to call the office because I have some strong opinions), but rather the human kind.
Our conversation related to something called “sandwich carers” – people that are caring for both young children and other elderly dependent family members at the same time.
If that sounds familiar, you're certainly not alone. In fact, many sandwich carers may not even think of themselves as carers. If you take your elderly mum to appointments, help with the shopping and check in regularly while also juggling the demands of family life, are you a carer? Or just a son or daughter doing what families do?
That's one reason it is so difficult to measure. Census data suggests that a whopping 9% of the UK population, around 5.8 million people, are unpaid carers, with around 1.7 million providing 50 hours or more of care each week.
Looking at this through a financial lens, sandwich carers often find themselves at one of life's busiest stages. They may be in their peak earning years, building careers, supporting children financially and at the same time helping ageing parents. In effect, they can find themselves managing two care roles alongside a full-time job. Unsurprisingly, that can place competing demands on both their time and their finances.
Going back to the conversation I was having with my colleague, many of our clients fall into the sandwich carer category and, those that aren’t may well be at some point. It's a stage of life that comes with a long list of responsibilities, often pulling you in several directions at once. So how can Titan Wealth help from an investment perspective?
We understand that sandwich carers often have conflicting investment objectives. If you are investing on behalf of your children, they might have a long timeframe and therefore a higher risk appetite. Your parents, on the other hand, may be at a point where they need to reduce risk or focus on generating an income for care costs. We can set up any number of different portfolios, strategies and services to ensure that all of your different “pots” are being managed in the best way for you. We will also remind you not to forget about yourself in amongst it all; your investments, your savings and your pension.
We know that your situation can change quickly. Whether it is funding childcare or education, covering medical costs or managing day-to-day household expenses, it’s likely to be a moving feast and will be constantly changing. Before even considering suitable investment strategies, we make sure that your investments are flexible and can keep up with your situation. We communicate with you regularly and make sure that we are up to speed with your evolving situation.
Without meaning to state the obvious, we also appreciate that everyone is busy, which is why we offer different types of services, depending on how involved you want to be. Via our discretionary investment service, we take full responsibility for your investments, so that you can get on with what’s important without worrying that you aren’t giving your investment portfolio enough of your already-stretched attention. You can also change service at any time, so you can take more interest in investment selection when you have more time, if you want to.
If needed, we can help you apply Power of Attorney to investments. Sometimes your dependents will have their own investments that they are no longer able to take responsibility for. We make sure that you have the appropriate access and rights over those investments to allow you to take charge.
When you're balancing the needs of several generations, the last thing you need is another thing on your plate (unless it is a good sandwich, and preferably one that’s been made for you!). Building a relationship with an investment manager you trust can make a real difference and it’s important (at least in our opinion) that you know their support is there when you need it. When you're spending so much time looking after others, we'd like to think our role is to look after the person who's looking after everyone else.
We operate an open-door policy, so whether you want to pop in for a chat, pick up the phone or arrange a meeting, we're always happy to hear from you. Everyone’s situation is different and this is why we will communicate with you in the way that best suits you. Want us to come to you? No problem. Need online access within minutes? We’ve got you.
One thing that I have learnt over a long career in this industry is that no matter how much money you have, some of life's biggest responsibilities are shared by us all: looking after family and our health. Speaking of family, I shall leave you with a delightful quote from my dad, which perfectly sums up the essence of where I am in my life as a sandwich carer: Enjoy this time of your life Sophie, when your kids aren’t in nappies and neither am I!
