‘Sandwich generation’ spends £1.5 billion per year supporting relatives

27 October 2008

Britain’s ‘sandwich generation’ is spending £1.5 billion every year supporting adult relatives, reports Unbiased.co.uk.

The site claims that almost 250,000 people are financially supporting both elderly relatives and grown-up children – which explains the term ‘sandwich generation’.

While 3.3 million people are supporting children over the age of 21, at an average cost of £254 per month, almost 1 million people are financially supporting their elderly relatives, spending around £244 per month on average.

And the 250,000 people who support young and old relatives at the same time – the sandwich generation – are thought to be spending an average of £498 per month.

“This is a huge financial burden to bear,” said a spokesperson for debt management company Gregory Pennington.

“Even in more prosperous times, finding an ‘extra’ £500 per month can be a serious challenge. In today’s economic climate, with today’s high cost of living, many people’s incomes shrinking, and nearly everyone worried about the country’s future, £500 per month can easily push someone into debt.

“We would advise anyone with debt problems to seek professional debt advice as soon as possible. Depending on their circumstances, there may be a number of debt solutions that could help them reduce their monthly debt repayments.”

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Gregory Pennington offer a range of debt solutions including debt management plans. If you are worried about debt, contact one of our expert debt advisers now.

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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).