So who are the “Sandwich Generation”?
The “Sandwich Generation” are the group of people who are feeling the financial strain of supporting their children, grandchildren and ageing parents.
With young adults struggling to achieve financial independence and a population that is living longer the burdens and responsibilities of the over 55s are increasing.
Recent research from SunLife found that those aged between 55 and 59 are most likely to be called upon to provide financial support to their family. The figures show that 53% were helping financially either their children or grandchildren. Additionally, a quarter were providing financial support to their parents.
It is no surprise that this “Sandwich Generation” is struggling financially. Over a quarter, when asked felt that they were worse off than they expected to be at this time in their lives. In comparison, just 21% of those in their sixties and just 10% of those aged 70 plus felt that their finances were not as strong as they had planned.
What is the reason for this?
The SunLife survey respondents who felt that they were worse off blamed increased living costs and poor interest rates for their savings. Additionally, over 20% felt that they were supporting their children financially more than they had planned to.
All of those surveyed were homeowners or still had a mortgage outstanding. From the 1,001 people who replied to the survey, many appear to be property rich but cash-poor. The figures released show that those surveyed had seen their home raise from an average purchase price of around £135,500 to a current valuation of just over £290,500. Over 60% said they had no plans to move home.
How Anstee & Co can help you with financial planning.
If you feel that your finances are being stretched in both directions then your first step should be to arrange an appointment with one of our financial advisers. The initial fact-finding meeting is free and without obligation. As we are a firm of Independent Financial Advisers (IFA’s) the advice we offer is unbiased.
Equity release may be an option. You need to be aged 55 plus and a homeowner. However, we will look at all the options available to you, not just equity release.
- Kettering, Northamptonshire
- London, Pall Mall
- Birmingham, Snow Hill Queensway
- Stamford, Lincolnshire
Additionally, our financial advisers live and make use of meeting rooms in
- Droitwich, Worcestershire
- Bedford, Bedfordshire
- Market Harborough, Leicestershire
- Northampton, Towcester and Wellingborough in Northamptonshire
As a reflection of our financial standing, we are registered with or are members of the following professional bodies, giving you added peace of mind.