Many people in the so-called ‘sandwich’ generation, who are bringing up children whilst also caring for elderly relatives, are struggling to pay their mortgage, a study has revealed.
In a survey by insurer, Aviva, more than one in seven ‘sandwich carers’ admitted their caring duties were affecting their ability to pay their mortgage.
Men, it was revealed, appeared harder hit than women by the financial implications of caring for an ageing family member as well as a child or grandchild. Indeed, the proportion of men whose caring responsibilities was affecting their ability to pay the mortgage was slightly higher than women.
Renting
The survey, which was conducted by YouGov on behalf of Aviva, also found 24% of so-called ‘sandwich carers’ were having trouble paying their rent because of their caring duties.
Those who thought their responsibilities were affecting their ability to pay the rent was higher in men, with 32% saying they were struggling compared to 19% of women.
And their role as carer was also affecting other areas of their personal finances. When asked if they could afford an unexpected expense of £500, 28% said they wold be able to afford it but would find it difficult. Meanwhile 10% said they would need to go into debt. More than one in five said they would not be able to afford it at short notice.
Alistair McQueen, head of savings and retirement at Aviva, said: “Money is tight for many people, especially for those in the sandwich generation who are having to care for others.”
