Britain’s ‘sandwich generation’ – those who financially support both grown-up children and elderly relatives – are getting into more debt as they attempt to provide for their loved ones, new research has suggested.
Figures from unbiased.co.uk showed that this group is handing out over £1.5 billion a year trying to help their families through the credit crunch.
The research discovered that 12 million Brits financially support at least one adult relative and in total, £840 million a month is paid out to aid grown-up offspring.
Chief executive David Elms said that those caught in this situation should seek debt advice where appropriate.
“It is important for anyone struggling with the costs of day to day life to seek financial advice. Meeting with an independent financial adviser can be the first step to taking control,” he remarked.
Meanwhile, research from the Fair Investment Company has found that women are preparing less for old age, as they pay 50 per cent less into pension funds each year.
By Jamie Price