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Relationships will get you through
The mid-life slump for many Australians is real, as we juggle the strains of a sometimes messy and unpredictable life, suggests the Australian Unity Wellbeing Index (AUWI) survey — a 22-year study into the wellbeing of Australians, delivered in partnership with Deakin University.
Put bluntly, a lot of us tend to have a dip in our wellbeing during mid-life – late 30s to mid 50s – as we juggle the triple whammy of mortgage repayments, kids and for some, caring for an ageing parent.
Lead researcher of the AUWI, Dr Kate Lycett from Deakin University refers to this group of people as the “sandwich generation”.
“The sandwich generation are often defined as being adults with at least one living parent aged 65 or older, who are either raising a child or providing financial support to an adult,” Lycett says.
“They may be parents juggling the financial and emotional pressures of raising children, while also supporting their own parents enter retirement or navigate the aged care system.”
The challenge for people in the sandwich generation is it can be quite emotionally draining looking after parents, raising kids while also trying to get ahead in your career.
It can be difficult for those in the sandwich generation to prioritise their own wellbeing. iStock
Australian Unity’s CEO of Wealth and Capital markets, Esther Kerr, urges people to manage their finances well.
“For some people, they may need to provide financial support to their parents for aged care or home support at the same time as funding children’s school fees,” Kerr says.
“It may mean a reduction in earning capacity due to the need to take on increased caring responsibilities – extending the length of a person’s career to make up for this period.”
Lycett says all this pressure can make it “an incredibly taxing time to navigate.”
The good news is there is a silver lining. Kerr has experienced this with her own family as she’s juggled the care of children and an ageing parent and found her family has bonded more closely.
“It’s a real benefit being surrounded by family and having a close network. Maintaining a connection to our loved ones can help to boost our wellbeing and happiness,” Kerr says.
“We also know that a sense of purpose is also incredibly important and providing care and support could help to secure higher levels of personal wellbeing.”
Lycett agrees and say AUWI research reveals having good relationships is a key to reporting higher levels of personal wellbeing and is part of the golden triangle of happiness (relationships, financial control and sense of purpose).
Celebrating 20 years of research with Deakin University into the Real Wellbeing of Australians, the Australian Unity Wellbeing Index provides a long-lasting, holistic view of our lives. Learn more about Real Wellbeing today.
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