Welcome back to another episode of the 360 Money Matters Podcast! This week, hosts Billy Amiridis and Andrew Nicolaou dig into what’s often called the sandwich generation, those who find themselves financially supporting both their children and their ageing parents at the same time.
Billy and Andrew explain why this stage of life can be particularly difficult to navigate financially, often landing right in the middle of peak career years, rising school costs, sizeable mortgages, and the added pressure of helping to fund aged care or other support for parents. They introduce the oxygen mask analogy, the idea that you need to secure your own financial position before you’re able to genuinely help anyone else, and unpack how Australia’s means tested aged care system actually works.
This episode is for anyone currently supporting both children and ageing parents, or anyone who can see this stage of life on the horizon and wants to plan for it properly. It’s a candid, practical look at how to protect your own financial position while still being there for the people who rely on you.
Listeners will come away with a clearer understanding of why the sandwich generation faces such acute financial pressure, and practical strategies for managing it without sacrificing their own financial security. The episode explains how the means tested aged care system works in Australia, why setting boundaries around financial support matters, and how getting family members into the same conversation early can prevent resentment down the track. It also covers alternative ways to support both children and parents, such as offering an income stream instead of a lump sum, and why understanding your own financial trajectory should come before committing to help anyone else. It’s a grounded, practical listen for anyone trying to balance competing financial responsibilities across generations.
This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorised representatives and credit representatives of Akumin Financial Planning – AFSL 232706.
Episode Highlights
- What the sandwich generation is and why this stage of life often coincides with peak financial pressure.
- Why the oxygen mask analogy applies to family finances: secure your own position before you can help anyone else.
- How Australia’s means tested aged care system works and why it’s based on the parent’s assets, not the children’s.
- A real example of how funding aged care to preserve a family home created unexpected tension in a marriage.
- Why setting clear boundaries around one-off versus ongoing financial support matters from the outset.
- How supporting one side of the family can create unintended pressure on a spouse and shared household resources.
- Why getting all family decision makers in the same room early can prevent resentment between siblings.
- Why understanding your own financial trajectory should come before committing to support children or parents.
- Why offering an income stream can sometimes be a more sustainable form of support than a lump sum.
