24th August 2022
Steepest Levels Of Support
Today we explore how people in this age group usually provide the most support to other family members, and are thus impacted twice.
People in their forties who provide financial support for their loved ones are frequently called upon to assist with the cost of monthly necessities, so they are likely to be affected by the rising cost of living twice. According to the data, this is especially true for people in their early forties, who have high outgoings and tend to provide more financial support.
The effect could be especially problematic for people aged 40 to 44, who face the steepest levels of support. Despite having the highest average household income (£38,956), their outgoings (£13,491), non-mortgage debt (£19,149), and financial support for loved ones (£4,195) are the highest of any other group in midlife.
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