An entire generation is ‘sandwiched’ between helping their children and caring for their elderly parents, according to Populus research for Wealth Wizards.
A perfect storm of factors including the current economic climate, an ageing population and the ‘boomerang generation’ may all be contributing to the financial difficulties facing the generation stuck in the middle.
The research finds that 66% of UK parents say that if they had any spare income they’d be more likely to save it to help their children get on to the property ladder, than put it into their retirement fund.
However, under half (46%) cannot see themselves saving enough for a pension until their children leave home.
Wealth Wizards’ Director Phil Blows says technology available now and in the future may help:
“Digital advice solutions are available that can help individuals take stock of their own incomings and outgoings and receive advice on how best to use any surplus.
This could be through investing in a work place pension scheme, ISA, property or other investments and to take advantage of what help is on offer from the government or from employers.
Technology has changed the way financial advice is delivered and it has never been simpler or more affordable to get the help people need”
Consumer research is a vital part of better understanding the unique challenges facing each generation as well as the tools available to help.
Populus’s Omnibus team provides fast, accurate answers to the questions that business, agencies and government bodies need answered to achieve their objectives.
The research was conducted by Populus for Wealth Wizards in May 2017. Surveys were conducted across the country with a nationally representative sample of 2,069 UK adults (18+) and the results have been weighted to the profile of all adults. Populus is a founder member of the British Polling Council and abides by its rules.