One in seven UK adults have found themselves having to provide financial support to both their parents and their children. According to research from the Co-operative, this “sandwich generation” spends an average of more than £3,500 a year helping out their family members.
Even parents with children who have left home are still paying around £2,543 a year to fund their children and parents, it was found. In addition, three in five of this group said the financial assistance given to family is compromising their quality of life.
The Co-operative also predicts this problem may worsen, with inheritance from a quick property sale of their parent’s home likely to be reduced by the recouping of nursing home costs under proposed government legislation.
Robin Taylor, the Co-operative’s head of banking, said: “The report shows how the changing nature of modern families and cost pressures of living in the current economic climate, are placing real financial pressures on the shoulders of today’s middle generation.”