Who's taking the biggest bite?
According to a recent Skipton Building Society survey of 1,007 UK adults, the sandwich generation’s money is being pulled in lots of different directions too. When it comes to finances, 39% said they felt guilty if they spent £50 or more on themselves, with a quarter of those saying they felt they should be saving that money, so they can spend it on supporting their children.
37% said they’d increased the amount they spent on their children over the last five years, while 13% had increased spending on older members of the family.
No dough for savings
Despite family pressures impacting money, the sandwich generation has plenty of future ambitions and goals. Adventure holidays and cruising came top for 21% of respondents, with a further 28% of 61 to 65 year-olds wanting to travel abroad for long periods of time. 46% of homeowners who took part in the survey wanted to redecorate their properties. But when it came to savings, the average amount saved by 46 to 50-year-olds was just £9,326.50.