Baby boomers ‘having finances stretched’

Figures from Engage Mutual suggest that those aged between 55 and 64 are more likely to financially assist their parents and offspring than any other generation, which could push many people closer to debt management disaster.

Around 25 per cent of baby boomers surveyed by Engage Mutual were revealed to be helping their elderly parents with various financial outlays, while close to 60 per cent have helped their grown children financially.

Karl Elliott, 3GB spokesperson for Engage Mutual said: “With children now gaining financial independence later in life and parents living for longer, it is important that the middle generation is prepared for the eventuality that they will be supporting their family for longer than they expected.”

A study conducted by the Consumer Credit Counselling Service recently suggested that the burden of debt management in the UK is increasingly being shifted to older generations.