Are you part of the ‘sandwich generation’?
Saving for the long and happy retirement we all deserve is becoming more and more important as the average life expectancy continues to increase.
For those currently of retirement age, Aldermore’s Annual Savings Tracker research* shows that over half are happy with the amount they’re saving and are confident that this will give them a stable financial future.
But for the ‘sandwich generation’, it’s a different story. The ‘sandwich generation’, individuals who look after both children and elderly parents, are struggling the most to save money and it’s not surprising, given the multiple financial burdens they have to shoulder. Indeed, almost a third are unable to save any money at all, the highest proportion of non-savers of any age group.
The ability to save can be made harder when individuals are forced to support adult children still living at home and many within this generation worry that their children aren’t saving enough. They also firmly believe that it’s their responsibility to teach their children the importance of saving for the future.
We’re all familiar with the term ‘Bank of Mum and Dad’ and the research shows that 28% of those aged 45-54 regularly give their children money to help them save. Furthermore, one in four has helped or plans to help their children get on the property ladder. Increasingly, we are also seeing grandparents step in and offer financial support to get grandchildren on the property ladder.
Such is the stress of being stretched financially that 20% of the ‘sandwich generation’ say that they’re kept awake at night worrying about their lack of savings. It’s crucial that when facing such demands, people prioritise their financial security. Making small changes to their savings habits, such as making a commitment to save regularly even if only a small amount, can help provide protection for the future.
Aldermore supports UK savers with a straightforward online range of fixed rate accounts, variable rate accounts and Cash ISAs, with competitive interest rates. Visit the Aldermore website to find out more.
* The figures are sourced from a nationally representative survey conducted by Opinium Research with a sample of 4,012 online interviews with UK adults in August 2019
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to the accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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