Caught in the middle

People who care for dependent children and adults are caught in the middle, juggling their own finances and others. It causes stress and can lead to mental health issues for many UK adults.

These people are known as the sandwich generation. They have often married later in life and started families in their 30s or early 40s.

Now in their late 40s and early 50s, they still have mortgages, children who are at school or about to start college, plus elderly parents who require care.

It’s a complex mix that costs money.

One reason for this situation is the ageing population. People live longer. Stretched and changing NHS services have pushed some of the responsibility of care onto families.  

Ultimately, this leaves many adults managing dual responsibilities and having to survive when they should be enjoying the fruits of their labour.

Instead, they are time short. Budgets are stretched and there is constant pressure on family finances.

The stressed sandwich generation

Without the luxury of time, there is often less focus on planning. Important issues are put to one side. Ideas about consolidating, investing and establishing plans are forgotten.  

When financial matters add to daily pressures there is seemingly no light at the end of the tunnel.

Finding the most appropriate and affordable mortgages would help. Making the right investments to fund college expenses and care fees would be a bonus. And of course ensuring that pension funds are performing well will provide healthy incomes during retirement.

But when can you find time when there is so much going on in day-to-day life? It can be like a treadmill. Ideally, much of this is done earlier before life’s pressures mount, but that is easier said than done.

There is no simple answer, and everyone’s situation is different.

However, sitting down with an independent financial adviser can give clarity and assist with planning that will make dealing with young and elderly dependents much easier.

As ever, the sooner you start dealing with life’s financial essentials the better.     

You don’t have to feel trapped

Since the 1980s, the numbers caught up in the “sandwich” generation has grown quickly. According to the Office for National Statistics (ONS) there are now around 1.3m people in this situation.  

Like most things in life it helps to talk. A fresh outlook will enable you to map out a clear way forward. There are always options, and we are here to highlight the most effective ones.

Whether it’s budgeting, planning or focusing on your pension, establishing a sound financial footing will mean that you can help others and devote more time to yourself.

It’s about the “W” balance. That means achieving the right mix of work, wealth and wellbeing.  

If you’re caught in the middle, call us on 0808 1234 321 or email to discuss options to help make your financial life easier.

Please be aware the value of investments or income from them can fall as well as rise. We’re here to help you make informed decisions.    

* Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire and the surrounding area, but not limited to the region.