09:28 23 January 2013
A government-commissioned study reveals that there is now a rise of families that are forced to care for their ageing parents while providing for their adult children all at the same time. As a result, more and more middle age now will not be able to use their pre-retirement years to go on trips, pay off their mortgage, and fulfill lifetime ambitions.
Because of the economic condition, children aged 20-35 are forced to stay in the parental home because they cannot afford to buy a house or even rent one. Based on the study, the number of young adults that are still living with their parents reached 3.5 million. That is 20 per cent higher since 1997.
The report warned: ‘The growth in the so-called “sandwich” generation, who have responsibilities for both child rearing and elderly care, has implications for social policy as this group may demand greater recognition and, potentially, assistance, financial or otherwise.’
The report concludes: ‘Living longer and healthier lives means traditional age-based social categories are becoming less important in the UK.
‘For many people aged 65 and over, wellbeing is seen as being able to continue to do the things they have always been able to do. For the affluent middle-classes, a comfortable and leisured early old-age can be enjoyed while health lasts.
‘However, this will not be the case for all, as many people will lack the financial resources needed to achieve this level of comfort and security.’
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