Financial problems for "dual carers" seen by insurer

12/12/2008

A "Sandwich Generation" of financially-struggling middle aged people has been identified in a new report from Norwich Union.

The insurer found that increasing numbers of people are having to provide support for their parents as well as their children - due in part to rising life expectencies and the UK's ageing population.

According to Norwich Union, two-thirds of these "dual carers" were not prepared for taking on the role.

Worse, four in five had made no plans for caring for their older relatives - putting them in debt danger.

Around 25 per cent said that they were either "struggling" to pay for basic costs such as rent and food, or were dipping into their pension savings to make ends meet.

A similar number said that they had reduced their hours at work, while one in ten had given up work in order to take on their "dual carer" role.

Commenting on the report, Brian Bussell, director of pensions at Norwich Union, said: "The aging population means more and more people will find themselves in the Sandwich Generation.

"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 and increasing the chance that they will require the same service from their own children. If we are to break this cycle we need to plan for this eventuality."

Tags; Budgeting Advice, Retirement Money Problems,

Regional Debt Advice; Debt Advice Norwich, Debt Advice Sandwich,

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