Britain's sandwich generation spends £1.5 billion per year

Britain's sandwich generation is spending a whopping £1.5 billion per year on supporting their grown up loved ones, according to figures from Unbiased.co.uk. Nearly 250,000 people currently form the UK's sandwich generation, which is defined as financially supporting both adult children and elderly relatives.

The research shows that 3.3 million Brits are financially supporting adult children (aged 21 and over) spending on average of £254 per month. This means that the UK is spending a staggering total of £840 million per month supporting their grown up offspring. On the other end of the spectrum, nearly 1 million Brits bear the financial costs of supporting elderly loved ones. This costs Brits an average of £244 per month, totalling nearly £234 million per month.

David Elms, Chief Executive of Unbiased.co.uk, commented: "With 12 million Brits taking financial responsibility for at least one other person, the research is a clear indication of the financial weight many families have to carry.

"As the credit crunch continues to hit, these costs are only set to increase and for the ‘Sandwich Generation (the 250,000 people who are supporting both adult children and elderly relatives) this could result in many facing immense financial pressure.

"It is important for anyone struggling with the costs of day to day life to seek financial advice. Meeting with an independent financial adviser can be the first step to taking control of your finances and an independent financial adviser (IFA) can assess your financial situation and help you identify the most efficient way for you arrange your finances. An IFA can also help you plan and recommend investments and pensions so you will be financially secure in the future."