Tips to Become a Model Sandwich Generation

(Photo: Prive. Doc)

IO, Jakarta – Health costs in Indonesia increase by an average of 12 to 13% each year. This rate beats Singapore, Hong Kong, and South Korea. In real life, the biggest unexpected cost is the expense of medical treatment and health care. It can erode the assets and treasures that the sandwich generation has accumulated. 

Who is the sandwich generation? A clever and apt illustration of a delicious sandwich in layers, this generation cannot be categorized by age, but rather by financial means, family status, and economic level. This is because the pile of responsibilities squeezed the roles of this generation as children, parents, spouses, and themselves. 

In summary, what is included in the sandwich generation category is a person or person who has the responsibility of financing the survival and welfare of extended family members, from parents, spouses, to children. 

A pandemic that culminated in a global economic challenge made the sandwich generation phenomenon even more widespread. PSBB has triggered an economic slowdown and the vulnerability of human health conditions are felt simultaneously and equally. Not only Millennials, but Gen Z is burdened with this financial responsibility. 

Here are 5 smart steps for the sandwich generation 

Careful insure against illness. The cost of hospital care can drain a lifetime of savings. Insurance is a financial product that acts as a welfare protector for all family members; starting from parents, couples, and children. 

If a family member falls ill, health insurance will protect the family, by covering the cost of treatment; if the breadwinner falls ill, the insurance will also cover the cost of treatment. What’s more, insurance also replaces the cost of consulting a doctor at the hospital if, in the end, the results of the examination find that the policyholder is suffering from a chronic disease. 

Compromise with priorities. The sandwich generation is squeezed by the life priorities of family members. It is thus important for the main breadwinner to set a priority scale and communicate priority levels to all family members. 

Discipline in saving. The key to saving money is to spend less and save more. Cultivate the mindset that the best way to live comfortably is to prepare extra cash reserves and have investments as fuel to survive until the end of life. 

Set financial goals. In managing finances, money requires purpose and direction. The three main purposes of money are for the needs of today, tomorrow, and the future. Make a detailed list of life goals as life progresses. This will help determine a suitable investment product. 

Investment literacy. As one way to optimize money while fighting inflation, the fruit of the right investment is a return on profit that can accelerate the achievement of financial goals. With so many investment products available, it is important for people to always learn and think critically before entrusting a given amount of funds to any form of investment. 

Ernest Febrianto, Head of Corporate Marketing Communications, PT Avrist Assurance, said that as the ethical insurance company of choice for Indonesian families, we are always committed to empowering the public and our customers by providing financial education to achieve financial literacy and inclusiveness. “The choice of insurance for the sandwich generation is one of the smartest decisions to protect finances as well as support the achievement of financial goals,” he said. 

“With an increase of 12 to 13% per year, hospital fees are one of the most expensive costs that Indonesian families do not plan on. In line with our mission to provide one policy for every household in Indonesia, we continue to introduce more valuable products and benefits to the Indonesian sandwich generation, to help them anticipate these unexpected costs,” Ernest concluded.