Norwich Union has identified a new demographic of people who are facing a greater financial burden as a result of changing lifestyle trends.
Nicknamed the ‘sandwich generation’, the lender believes those of middle age who are having to provide for both their parents and children are facing significant financial challenges as a result of lengthening life expectancy, rising house prices and increasing student debt.
Research by Norwich Union – which found that members of the ‘sandwich generation’ can be both males and females aged 35 and upwards – concluded that many in this demographic are not making adequate financial planning.
“Most worrying is that when people use their savings or cut back on pension contributions to fund care for their parents, they are storing up problems for the future,” the bank’s Brian Bussell explained.
Those who consider themselves to be in this situation may wish to improve their debt management to regain control of their finances.
Research by Saga recently found that a number of pensioners are resorting to taking out secured loans in order to pay for care fees.
By Tom Musk