Third of midlifers ‘providing financial support or unpaid care to loved ones’

A third (33%) of people aged 40 to 60 provide financial support or unpaid care to at least one loved one – on top of their job and other family commitments, a survey has found.

One in 10 (10%) midlifers already feel the level of support they provide is unsustainable, according to the research published by Legal & General.

One in four (25%) people in midlife said they are left with less than an hour to themselves in an average day – and one in five (19%) spend no time on their financial wellbeing.

The findings indicate that financial responsibilities peak at the age of 45, when many people still have a mortgage to pay off and children living at home.

Unpaid caring responsibilities meanwhile tend to become more common from the age of 58.

Those supporting adult children spend an average of £247 a month on this, while midlifers providing financial support to an elderly parent or relative spend an average of £282 a month, in addition to their own household expenses, the research found.

The average amount of time taken up by unpaid care is the equivalent to a part-time job, at nearly 15 hours a week.

The study was commissioned to support the launch of Legal & General’s Midlife MOT course created in partnership with The Open University (OU).

The course is available for free online.

Emma Byron, managing director, Legal & General Retirement Solutions, said: “Midlifers are facing a challenging backdrop with rising inflation and increasing energy bills putting further pressure on an age group that is already juggling multiple headwinds.”

More than 4,000 people aged 40 to 60 were surveyed across the UK.