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As a senior bp executive, you’ve achieved professional success through years of dedication and hard work. Yet many of you may find yourselves in what we call the “sandwich generation” – simultaneously supporting adult children navigating their twenties whilst caring for ageing parents, all while maintaining demanding careers with extensive travel commitments.
- Have you stepped off a plane in the Middle East to receive a call from your son whose laptop has broken, and he needs to submit work at university?
- Have you been in the US only to receive a call from your sibling letting you know that your father has had a fall and is on route to A&E?
- Had you planned for your kids to be ‘off the books’ by their early 20s, only to still have them struggling to buy a home in their late 20s, while you’re also part-funding care for your mother who’s becoming increasingly frail?
These are just some real-life examples we have seen. Understandably, these and other similar situations bring unique financial and emotional challenges that require thoughtful planning and strategic decisions. Here’s how proper financial planning can help you navigate this complex life stage.
Understanding the squeeze
The financial pressure comes from multiple directions:
- Young adults who may need support with university fees, housing deposits, or career transitions
- Ageing parents who might require additional care, home adaptations, or financial assistance
- Your own retirement planning, which shouldn’t be neglected despite other demands
- Limited time to manage these competing priorities due to work commitments
How financial planning provides relief
Creating clarity amidst complexity
One of the most valuable aspects of financial planning is gaining a clear picture of your entire financial landscape. When you’re being pulled in multiple directions, understanding what’s possible becomes essential.
A comprehensive financial plan helps you see beyond immediate demands to identify what’s truly sustainable. Rather than making reactive decisions based on whoever needs help most urgently, you can develop a strategic approach that balances all your responsibilities.
Setting appropriate boundaries
Many executives struggle with saying “no” to financial requests from family members. A well-structured financial plan provides an objective framework for these decisions, helping you determine what support you can realistically provide without compromising your own financial security.
This isn’t about restricting generosity – it’s about ensuring your generosity is sustainable and doesn’t inadvertently create future problems for yourself or other family members.
Maximising time efficiency
Your time is precious and limited. Financial planning helps by:
- Consolidating and simplifying your financial administration
- Creating systems and structures that reduce decision fatigue
- Providing regular reviews that can be scheduled around your availability
- Offering virtual meetings that fit into your travel schedule, wherever you are in the world
Planning for care needs
The cost of care for elderly parents can be substantial and often unpredictable. A financial plan can help you:
- Explore care funding options and insurance solutions
- Consider the tax efficiency of different approaches to providing support
- Balance immediate care needs with long-term financial stability
- Understand how care costs might affect inheritance planning
Supporting the next generation effectively
Many parents want to help their adult children financially but worry about creating dependency or undermining motivation. Financial planning can help you:
- Structure support in ways that encourage financial independence
- Make tax-efficient intergenerational wealth transfers
- Explore options like family loans or guarantor arrangements
- Balance helping with university costs against your retirement needs
What can I do about it?
For many in the sandwich generation, the biggest barrier to effective planning is simply finding the time. However, investing a few focused hours now can save countless hours of stress and potentially poor financial decisions later.
Knowing how busy life as a bp executive can be, at Emery Little we’re able to meet you where you are. We can liaise via WhatsApp so that you can get answers to key information quickly and at a time that suits you. We ensure all documentation is available securely online, so no downloading files or wet signatures, and we intentionally collaborate with other key professionals to ensure we’re all working in harmony to serve you and make your life easier.
At Emery Little, we specialise in turning financial uncertainty into a clear path forward. Our approach doesn’t just clarify your financial picture—it illuminates what’s possible in your life, turning vague “what ifs” into exciting “what nexts”.
If you’re feeling the squeeze of supporting both older and younger generations, we’re here to help create a plan that works for everyone. Contact us today to start the conversation.
If you know someone at bp who’s navigating these multi-generational financial challenges, please feel free to share this article with them. Sometimes, having a framework to approach these issues can make all the difference.
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