31st October 2014

LV= research reveals Sandwich Generation reaches over one million

With over 1 million people now financially responsible for both younger and older family members, LV= looks at the financial impact.

• On average Brits spend £1,367 per year supporting older relatives with a third (33%) having to help towards care costs
• Adult children (aged 22+) cost parents more than younger children
• On average parents spend £6,411 a year on adult children compared to £3,841 on younger children

With an ageing population and increasingly more children living at home for longer, more and more people are joining the ‘Sandwich Generation’, having to fund family at both ends of the spectrum, such as their parents and children as well as themselves.

Richard Rowney, LV= Life and Pensions Managing Director, said:

“The research shows how the changing nature of modern families is placing real financial pressure on those who are having to provide support to more than one generation. This help often lasts for many years longer than people may have originally thought.

“Nobody wants to think about the possibility of getting ill or being made redundant however the reality is that some of us will be off work for a period of time at some point in our career. Having a contingency plan, such as income protection in place offers you peace of mind that if you fell ill or were made redundant you would receive a regular income which would enable you to carry on supporting yourself and your loved ones.” 

Read the full report here, and for more about LV= comprehensive protection product range, visit LV.com/adviser

Retirement