Norwich Union: 'Sandwich generation' will provide for parents and children

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Norwich Union: 'Sandwich generation' will provide for parents and children

Fri 12th Dec 2008

Norwich Union has conducted a survey which reveals that an increasing number of people, dubbed the 'sandwich generation' will find themselves providing for both their parents and their children when they reach a certain age.

Increased life expectancy means that parents may live longer and the growing tendency to have children later in life, because of student debt and historically high house prices, has seen children remaining dependent on their parents until a much later stage in life.

These trends could leave people who are over 35 and not yet retired supporting three generations of family, a role which two-thirds of them are anticipating.

Brian Bussell, director of pensions at Norwich Union, said: "The UK as a whole [needs] to take out a new years' resolution to review their finances, so that what money they do have is either spent wisely, or saved wisely to secure their own and their families' futures."

Recently, a survey by Just Retirement found that many people approaching retirement age still struggle with large debts.

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