Are you a member of the 'squeezed generation'?
Published 17 July 2012 by Lucy Bower
A survey of 2,000 adults found that one in seven parents in the UK is also supporting their parents financially, making them part of a 'squeezed generation'.
According to a survey of 2,000 adults by The Co-operative Bank, one in seven parents is part of a 'squeezed generation' that is supporting both their children and their parents financially.
People are living longer and many families are choosing to have children later in life, but this leaves a 'generation in the middle' who have to finance both sides.
Now, two thirds of this 'squeezed generation' are beginning to feel under financial strain themselves and it's affecting their own quality of life.
And it's the parents with children under the age of 18 who are hit the hardest financially, paying out £3,505 a year on average to support their parents and their children at the same time. If you consider that the average full-time salary in the UK is £26,200, it means one in seven parents is spending nearly a fifth of their take-home pay on this.
Most of the financial support on offer is for necessities like everyday living costs and paying the bills, but support is also offered for trips and excursions, holidays, white goods, emergency home repairs, car and transport costs, help to pay the rent or mortgage and help to pay off debts.
A spokesperson for thinkbanking commented: "Budgeting for household bills and everyday living expenses can be simpler with the budgeting support that's available with the thinkmoney Current Account.
"If you are supporting members of your family financially, we could help you to budget for these expenses - or members of your family could benefit from our budgeting service if they'd like some help managing their money."
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Apply for a thinkmoney Current Account today.