Consumers` personal finances `stretched by relatives`

22 October 2008

A significant number of consumers in the UK provide financial support to their adult children or elderly relatives, potentially meaning their personal finances are overstretched.

According to research conducted by Unbiased.co.uk, 3.3 million Britons are giving money to their adult children, providing them with an average of £254 per month.

Meanwhile, nearly 250,000 consumers - referred to by Unbiased.co.uk as the "sandwich generation" - are providing financial support to both their offspring and elderly relatives.

"As the credit crunch continues to hit, these costs are only set to increase and for the sandwich generation this could result in many facing immense financial pressure," warned Unbiased.co.uk chief executive David Elms.

He added that people struggling with the costs of day-to-day expenses (potentially including those facing high level debts), should seek financial advice from an expert.

In other news, figures produced recently by the Alliance Trust Research Centre suggested that the rate of inflation for the elderly has hit a six-year high of 7.8 per cent, meaning such people may be facing increasing financial problems.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).