Bread, butter and busy lives

If you’re being spread a bit thinly, you might be part of the ‘sandwich generation’. That life stage where you find yourself supporting children and elderly relatives, while trying to look after yourself and balance a busy life.

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.

18%of the sandwich generation pay for their children’s video and music streaming services.

Source: Skipton Building Society survey of 1007 UK adults

Jacqui Bateson

Even if you already have a significant lump sum saved, taking just a small amount of time to focus on your money is always time well spent. Many people aren’t sure how much they save each month, so it’s likely they’ll end up missing their goals. A third of people also said they were unwilling to sacrifice anything to achieve their goals, but giving up a few small things now could help them bring their plans to life later.

Jacqui Bateson - Senior Customer Empathy Manager

Book a My Review

If you want to find out if you've got the right plans in place for your family and your future we could help. Either in Branch or via Video Appointment, a financial review is a great way to check whether your savings plans are on track.

Book a My Review

Related Articles

Investing in uncertain times

Here are a few things to consider if you want to be a rational investor in these uncertain times.

Read more

Savings journey

We all have different savings goals, these can change. So where are you on your savings journey?

Find out more

What's your savings personality?

In the 165 years we've been around, we've learned a lot about the way people think about saving.

Find out more
Version Info: