Statistics Canada estimates that 75 percent of caregivers in Canada are women and that their responsibilities may affect everything from their personal life to their career, according to CTV.ca.
Many of these caregivers are part of the sandwich generation - baby boomers who are looking after both children and aging parents.
Mary Ann Jenkins is one of these women. She tells the news provider that she and her husband spend $500 a month on school for their kids, but they have also been preparing for greater responsibilities ever since her mother's heart attack in January.
"It's not that we're empty nesters, and now we can really put money away for ourselves," Jenkins told the news provider.
While it may be difficult to save for for one's golden years when so many other expenses require attention, retirement transition consultant Amy D'Aprix advises caregivers to build their retirement plans into their other responsibilities.
By financially preparing for the homecare needs of aging parents, the burden may not be as big.
The Globe and Mail suggests that caregivers have an honest discussion with parents about expenses and look into longterm care insurance, which can help families afford assisted living facilities or other services.