Half of Generation X parents have adult children living at home, new research from Just Group has shown.
Nearly three quarters (72%) of Gen X (born between 1965-1980) who have children living with them full time also provide financial support to their offspring, including living expenses, help with debts and contributing towards a life event such as a wedding or house purchase.
However, this level of support has caused a range of emotions among parents, with two thirds (65%) stating that they felt poorer, 44% felt stressed and 46% felt tired.
On top of supporting their children, 11% of Gen X are also providing financial support for their elderly relatives, with the majority spending an average of £237.50 a week, or £12,350 a year, on care costs.
Stephen Lowe, group communications director at Just Group, said: “Gen X parents find themselves sandwiched between adult children and elderly relatives with both groups making calls on Gen X’s resources. But it comes at a cost to a generation already feeling the financial strain. One in four Gen X homeowners don’t know if they’ll be able to pay off their mortgage before they retire and more than half of Gen X are not confident they will manage a good standard of living in retirement.
“From their early years as independent ‘latchkey kids’ Gen X now find themselves quietly shouldering responsibility for the generations above and below them, often at the cost of their own financial futures.”
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