Research from insurance provider LV= found many are struggling with the pressure of earning enough to fund the care and lifestyles of family members.
The study also found that:
- More than a million people are now financially responsible for both younger and older family members
- On average, Brits spend £1,367 per year supporting older relatives with 33% having to help towards care costs
- Adult children (aged 22 plus) cost parents more than younger children
- On average, parents spend £6,411 a year on adult children compared with £3,841 on younger children
Richard Rowney, LV= life and pensions managing director, said: "The research shows how the changing nature of modern families is placing real financial pressure on those who are having to provide support to more than one generation. This help often lasts for many years longer than people may have originally thought.
"Nobody wants to think about the possibility of getting ill or being made redundant however the reality is that some of us will be off work for a period of time at some point in our career. Having a contingency plan, such as income protection in place offers you peace of mind that if you fell ill or were made redundant you would receive a regular income which would enable you to carry on supporting yourself and your loved ones."
Aidan Vaughan, a member of the Association of Christian Financial Advisers, told Premier: "It's a huge question and you have got to isolate the problems.
"You need to look at what elderly folk need, what the young people need and work out what you can afford, both in time and money."