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Britons continue to support relatives

Britons continue to support relatives

Category: Loans

Updated: 04/12/2009
First Published: 12/12/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Research has revealed that a growing number of Britons are having to provide support to both older and younger relatives.

According to Norwich Union , life expectancy increases have led to more people needing financial help in retirement.

But younger people are also relying on parents, as they build up debt at university through unsecured loans and face high house prices.

As a result, the 'sandwich generation' is having to rely on savings as they cope with the pressure of the economic downturn, the insurer noted.

"This clearly demonstrates the need for the UK as a whole to take out a new years' resolution to review their finances," said Brian Bussell, of Norwich Union.

A recent study by Engage Mutual Assurance showed that debt help had been provided to parents by 40 per cent of those between the ages of 18 and 24 over the last six months, with the majority of these contributing to utility bills.

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