BURDEN OF CARE RISES FOR SANDWICH GENERATION DURING LOCKDOWN
- Nearly half of people with responsibilities of care for both children and elderly relatives have had to reduce the amount of hours they work as a result of Covid-19.
- Households are more likely to say they are struggling to manage or pay their households bills in the past week.
- 29% have had to dip into their savings to help manage their finances, while, more concerningly, 16% have taken on more debt.
27 July 2020 – The sandwich generation, those with caring responsibilities for both children and elderly relatives, have had to take on greater care responsibilities for their family since lockdown measures began, according to comparethemarket.com’s Household Financial Confidence Tracker. Nearly half (48%) of people who fall into this category have had to reduce the amount hours they work as a result of their duties of care for their family members.
The impact of reducing hours at work and a greater burden of care for their family is having a negative impact on their financial confidence, and ability to pay household bills. Over a quarter (26%) of those in the sandwich generation say they found it difficult to manage or pay their household bills in the past week, compared to less than a fifth (18%) of the general population.
It is not just the immediate impact on their finances that the sandwich generation are worried about. Those households are also less confident about their ability to pay their household bills over the coming weeks, with 28% not confident compared to 22% of the general population.
Not only are the sandwich generation more likely to feel more financially insecure, they are also more likely to have taken action to help manage the impact of their household bills. Nearly (29%) three in 10 have had to dip into their savings as a result. A less but more concerning amount have had to take on more debt (16%) or take money out of their pension (12%) to ease the cost burden.
Anna McEntee, product director at comparethemarket.com, said:
“The crisis has taken its toll on households that have caring responsibilities for both children and elderly relatives. These households have had to change their working hours in order to meet their responsibilities as carers which is having a severe impact on their households finances, leaving many struggling to make ends meet.”
Notes to editors
Censuswide survey on behalf of comparethemarket.com of 2,031 UK adults between 3-6 July 2020.
comparethemarket.com was launched in 2006 and has grown rapidly over the past fourteen years to become one of the UK’s leading price comparison websites.
comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as credit cards and loans.
comparethemarket.com actively works with its brand partners to help provide great services to customers.
comparethemarket.com is a trading name of Compare The Market Limited. Compare The Market Limited is authorised and regulated by the Financial Conduct Authority for insurance distribution (FRN: 778488) and is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 911617) for the provision of payment services.