UK Wedding News
28/10/2014
In other words, people are now having to fund family members from both generations – such as their parents and their children – as well as themselves.
The study, conducted by LV=, found that more than a million Britons are now under increasing pressure to continue working and earning a wage, just so they can support their loved ones.
Some of the main areas of financial support from the so-called 'Sandwich Generation', include food and household bills (54%), paying off debts (54%), medical care (32%), home renovations (23%) and education fees (11%).
Of those that are financially supporting their children, they are also having to do so for longer. In fact, parents are now having to shelve out more money on their adult children – those aged 22 or over – than younger children. 14% are said to be financially relied upon by their adult children, and spend an average of £6,411 a year on them, compared to £3,841 for younger children.
This is challenging for many parents, with 45% describing the situation as such, while a further 25% admitted they had to take out a loan in order to subside their family members. Others have had to accept longer working hours (8%), and 5% take on a second job.
Setting financial concerns aside, there is also a time issue for the 'Sandwich Generation'. 44% of respondents said they have to try and balance full-time work, spending an additional 19 hours each week caring for a parent or older relative and 39 hours per week looking after a younger family member, such as a child.
Commenting on the findings, Richard Rowney, LV= Life and Pensions Managing Director, said: "The research shows how the changing nature of modern families is placing real financial pressure on those who are having to provide support to more than one generation. This help often lasts for many years longer than people may have originally thought."
(JP/CD)
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One Million Brits Are Part Of 'Sandwich Generation'
A new survey has revealed that more that one million people in Britain are now part of the 'Sandwich Generation'.In other words, people are now having to fund family members from both generations – such as their parents and their children – as well as themselves.
The study, conducted by LV=, found that more than a million Britons are now under increasing pressure to continue working and earning a wage, just so they can support their loved ones.
Some of the main areas of financial support from the so-called 'Sandwich Generation', include food and household bills (54%), paying off debts (54%), medical care (32%), home renovations (23%) and education fees (11%).
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Of those that are financially supporting their children, they are also having to do so for longer. In fact, parents are now having to shelve out more money on their adult children – those aged 22 or over – than younger children. 14% are said to be financially relied upon by their adult children, and spend an average of £6,411 a year on them, compared to £3,841 for younger children.
This is challenging for many parents, with 45% describing the situation as such, while a further 25% admitted they had to take out a loan in order to subside their family members. Others have had to accept longer working hours (8%), and 5% take on a second job.
Setting financial concerns aside, there is also a time issue for the 'Sandwich Generation'. 44% of respondents said they have to try and balance full-time work, spending an additional 19 hours each week caring for a parent or older relative and 39 hours per week looking after a younger family member, such as a child.
Commenting on the findings, Richard Rowney, LV= Life and Pensions Managing Director, said: "The research shows how the changing nature of modern families is placing real financial pressure on those who are having to provide support to more than one generation. This help often lasts for many years longer than people may have originally thought."
(JP/CD)
Top stories
20/03/2020
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Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
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