If you’re in your 30s or 40s, there’s a good chance you’re supporting both your children and your ageing parents. This life stage, often referred to as the Sandwich Generation, comes with overlapping responsibilities. Many are managing childcare, elderly care, full-time work, and household finances all at once.

In the midst of meeting everyone else’s needs, it’s common for personal financial planning to take a backseat. But that may come at a cost.

Managing Multiple Commitments In A Changing Landscape

For many Malaysians in the sandwich generation, the demands on time and finances continue to grow. The average cost of a private retirement home in the Klang Valley ranges between RM2,500 and RM3,000 per month. At the same time, childcare costs remain high. While the government offers a monthly subsidy of up to RM180 for eligible households, this often only covers a portion of actual expenses. 

These challenges were further intensified by the pandemic. Many families had to adjust to multigenerational living arrangements, combining caregiving responsibilities for both young children and elderly parents. Some experienced job losses, while others faced health-related disruptions that affected income and stability. 

In addition, Malaysians are living longer, which can require continued financial or physical support for parents well into their later years.

With so many demands on time and money, it’s understandable that your own financial planning might fall behind. But what happens if life takes an unexpected turn?

Why Does Planning For The Unexpected Matter?

When your time, energy, and income are focused on caring for others, it is easy to put your own financial future on hold. Life is unpredictable and in many households one or two people are the primary income providers. If something were to happen to you, such as illness, disability, or death, how would your family manage? 

These are difficult questions, but they are important to ask. Without a plan in place, an unexpected event can quickly disrupt a family’s financial stability. Monthly expenses like mortgage repayments, school fees, elder care, and basic living costs continue even when income does not. In such situations, surviving family members are often left to carry the burden on their own. 

Medical, critical illness, or life insurance can help cover immediate costs, but these may not be enough to meet longer-term financial needs. This is where legacy planning plays a crucial role. Legacy planning is not just for the wealthy. It is a practical step for anyone who wants to protect their dependents and maintain financial continuity across generations.

What Is Legacy Planning And How To Start?

Legacy planning focuses on preserving and passing on your wealth, while ensuring your family has financial support even if you’re no longer around.

Here are a few practical steps to begin:

1. Take stock of your finances 

Review your assets, debts, income sources, and monthly expenses. Understanding your current financial position is the foundation of any effective plan.

2. Identify your dependents and long-term obligations 

Consider who relies on you financially. This could include children, ageing parents, or other family members. Think about how long they may need your support and what kind of resources would help them most.

3. Outline your goals

Think about what you want to happen if you are no longer around. This might include maintaining your family’s lifestyle, covering education costs, or passing on a business or property.

4. Prepare essential documents

Start with a basic will. Include nomination forms for insurance policies and EPF, and consider setting up a power of attorney. These documents can help reduce complications for your loved ones and ensure your wishes are followed.

5. Explore financial tools that support your goals 

Look into insurance, savings plans, investment options, and trusts. Some products also offer income continuity and structured wealth transfer. Choose tools that align with your priorities, rather than relying on one-size-fits-all solutions.

Taking The Next Step In Your Legacy Plan

Once you have a clear picture of your goals and financial responsibilities, the next step is choosing the right tools to help carry out your plan. This could include a mix of insurance coverage, savings, and investment-linked products that offer long-term value. 

One option to consider is FWD LegacyGuard, a solution designed to help individuals secure financial continuity for their families. It offers a combination of protection, income support, and legacy-building features with flexibility that adapts to life’s changes.

Key features include: 

• Automatic transfer of policy to leave a legacy across multiple generations.
• Guaranteed Legacy Cash Payments (GLCP) that grow 10% every five years. 
• Simple enrolment with no medical check-ups required*

*Note: Full underwriting may apply if waiver of premium riders are added.

Products like these aren’t one-size-fits-all, but they can form an important part of a broader financial strategy, especially for those supporting both parents and children.

Finding Balance Through Better Planning

Being part of the sandwich generation is demanding. Between daily responsibilities and future uncertainties, it’s easy to overlook your own financial protection. But putting a long-term plan in place can provide clarity and peace of mind.

For more information on FWD LegacyGuard and how it can support your legacy planning goals, visit FWD’s official website.

• TAGS:
• FWD Insurance
• Retirement Planning