Cost-of-living challenges look set to heap further pressure on the sandwich generation (responsible both for bringing up their own children and for the care of their ageing parents), making it vitally important to take advice before making any hasty decisions which could sacrifice their financial futures.

People who provide support to adult loved ones will typically be hit twice by the cost-of-living crisis; not only will they find their own household bills rising but also those of the people they are supporting financially, a problem which is intensifying5 . Financial worries can cause a great deal of stress and anxiety; nearly one in five people say they have lost sleep over soaring prices in recent months6 .

Think hard

Rising cost pressures are resulting in people cutting back on their long-term savings commitments, with research7 showing one in four investors stopping pension and ISA contributions. Depending on your circumstances, for some investors, it may be suitable to continue putting long-term savings in the stock market.

When in (financial) doubt – talk it out!

Although many over 45-year-olds have found themselves facing potential The interesting part A child can open an adult cash ISA when they turn 16, benefiting from the full £20,000 adult allowance, a child can also hold an adult cash ISA alongside a JISA whilst they are under 18. So, in one tax year, a total of £29,000 can be paid into their ISAs. This can be repeated in the tax years they turn 17 and 18, meaning contributions totalling £87,000 can be made in under three years. financial vulnerability, there is a tendency to keep it to themselves8 . With the rising cost-of-living impacting so many people, taking the time to discuss important financial matters will help to ensure that the right financial plans are in place to potentially support other family members and safeguard family interests. Talking it through will help establish priorities, clarify goals and ensure that plans are put in place to support each generation according to their financial needs.

Although it can seem unnatural for members of the sandwich gen to consider their own needs, we are here to listen and provide advice when you need it.

5 Legal & General, 2022, 6 Shawbrook Bank, 2022, 7 interactive investor, 2022, 8 Just Group, 2022