We are living through a historic generational transition—one where Baby Boomers, the largest aging population in history, are shifting into their later years while Millennials and Gen Z take on greater responsibility in both the workforce and their families. In both the U.S. and Canada, this shift is not just an individual experience—it’s a nationwide phenomenon reshaping economies, social structures, and family dynamics.
The Numbers Behind the Shift
- In the United States, Baby Boomers (born 1946–1964) make up over 70 million people, representing nearly 21% of the population. By 2030, every Boomer will be 65 or older, dramatically increasing the demand for elder care and retirement support.
- In Canada, the Baby Boomer population is around 9.2 million, and by 2031, one in four Canadians will be 65 or older, compared to just 8% in 1971.
- By 2035, the U.S. Census Bureau projects that for the first time in history, older adults (65+) will outnumber children (under 18).
- In both countries, the average life expectancy has increased, meaning Boomers will spend more years in retirement and potentially require longer periods of care.
With increasing life expectancy, economic uncertainty, and evolving family structures, the way we define “family legacy” is transforming. No longer just about passing down wealth, it’s about ensuring generational stability, fostering values, and preparing for the realities of caregiving. Millennials and Gen Z are at the heart of this change, and the choices made today will define what family means for decades to come.
The Weight of Responsibility on Younger Generations
Many Millennials and Gen Zs are already feeling the squeeze. Often referred to as the “Sandwich Generation,” they are balancing careers, raising children, and, in many cases, beginning to take on responsibilities for aging parents. Unlike previous generations, they face unique challenges:
- Economic Shifts: The rising cost of living, housing, and healthcare means that financial planning is more complex than ever. In Canada, long-term care costs range from $1,500 to $6,000 per month, while in the U.S., assisted living averages $4,500 per month and nursing home care exceeds $9,000 per month.
- Longer Lifespans: With Baby Boomers living longer, caregiving responsibilities extend over more years, requiring long-term planning.
- Changing Family Dynamics: Many young families are rethinking traditional caregiving structures, embracing multi-generational homes, or navigating elder care from a distance.
A Growing Crisis: One Millennial’s Story
The generational shift isn’t just a statistic—it’s a lived reality for millions of families.
“I didn’t realize that my parents would be facing a complete inability to afford long-term housing, health care, and quality of life, and I certainly didn’t realize the burden would be falling on me. How am I supposed to do this, be a good dad to my own kids and actually get any work done,” says one Millennial in Ontario who has a father diagnosed with early-onset dementia and a mother struggling to know what to do to make money after being forced into retirement.
This is not an isolated experience. Families across North America are grappling with similar struggles, forced to navigate a system that often leaves aging parents vulnerable and their adult children stretched thin.
What is Family Legacy in Today’s World?
Family legacy used to be synonymous with inheritance and material wealth. While financial stability remains important, today’s legacy conversations must also include:
- Emotional Well-Being: How do we preserve family stories, values, and traditions?
- Caregiving Strategies: How do we ensure aging loved ones have the dignity, care, and resources they need?
- Sustainability and Preparedness: How do we equip younger generations to navigate caregiving and financial planning effectively?
The Need for Open Conversations
One of the biggest hurdles in securing a strong family legacy is the reluctance to talk about aging, caregiving, and end-of-life planning. Many Baby Boomers hesitate to discuss their financial situation, estate plans, or long-term care preferences with their children. Likewise, Millennials and Gen Z may avoid these discussions out of fear of seeming insensitive or overstepping boundaries.
However, avoiding these conversations only leads to stress, confusion, and financial burdens down the line. Open dialogue—while sometimes uncomfortable—is a crucial first step in setting a family up for success.
Steps to Start Shaping Your Family’s Legacy
Here are some key steps Millennials and Gen Z can take to proactively shape their family’s legacy:
1. Have the Conversation Now, Not Later
Set a time to talk with parents and grandparents about their plans for the future. Topics to cover include:
- Their preferences for long-term care and living arrangements.
- The current state of their financial planning and whether they have a will.
- Their values, stories, and traditions they want to pass down.
2. Understand Financial Planning for Caregiving
Even if your parents are financially stable now, future healthcare costs and potential caregiving expenses could be significant. Learn about:
- Their health insurance, savings, and any long-term care policies they may have.
- The cost of different caregiving options, from in-home care to assisted living.
- How to create a plan to manage caregiving expenses without jeopardizing your own financial future.
3. Preserve Family Stories and Values
Legacy is more than just money—it’s about the values and traditions that define a family. Consider:
- Recording conversations with older relatives to capture their stories and wisdom. Consider a tool like: Root & Seed
- Creating a digital or physical family archive with photos, letters, or keepsakes. Consider a tool like: Kin Capsule
- Instilling financial literacy and caregiving awareness in younger family members.
4. Think Beyond Immediate Family
Family legacy extends to the broader community. Consider how your family can contribute to future generations through philanthropy, mentorship, or community involvement.
Looking Ahead
This generational shift presents both challenges and opportunities. While Millennials and Gen Z may feel the weight of caregiving and financial responsibility, they also have the chance to redefine what family support and legacy look like. By approaching these transitions with intentionality, open communication, and careful planning, today’s younger generations can create a more resilient and connected future for their families.
The next post in this series will explore “The Unspoken Burden: Millennials & Gen Z as the ‘Sandwich Generation’”, diving deeper into the realities of balancing caregiving with career and family life.
Stay tuned, and let’s continue this conversation about how we can build a sustainable, meaningful family legacy together.