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"Time management, for dummies"

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• THOSE WITH FINANCIAL RESPONSIBILITY FOR BOTH THEIR CHILDREN AND PARENTS BILLED THE ‘SANDWICH GENERATION’

• MANY FEEL GUILTY SPENDING JUST OVER £50 ON THEMSELVES, SAYING THEY SHOULD PUT THE CASH ASIDE FOR THEIR CHILDREN OR PARENTS

• IN A ROLE REVERSAL, SEVERAL WITHIN THE SANDWICH GENERATION CLEAN, BUY FOOD FOR AND ACT AS A ‘TAXI SERVICE’ FOR THEIR PARENTS

 

The script is meant to read: you pack your kids off and regain some of your freedom. So spare a thought for those who are going through it again… with their parents.

 

New research by Skipton Building Society looking into the ‘Sandwich Generation’ – the 40-65 year-olds who support both their parents and children, uncovers that 39% feel a constant pressure to juggle looking after themselves and their family.

 

The financial pressures of this support are far ranging. Over half (58%) pay for their children’s food, a third (33%) fork out on their transport costs and 18% will even sub their children’s subscriptions, such as Netflix and Spotify. But their financial responsibilities don’t stop with their children…

 

Over 1 in 10 (13%) put money on the table for older relative’s food and almost 1 in every 20 within the sandwich generation will have their parents living with them. These statistics help explain why two-fifths (39%) feel guilty when spending over £50 on themselves, with a third (29%) saying this is because they feel they should be saving the money for their children.

 

TIME IS MONEY

If time is money, then these financial pressures go on… Around three in 10 (28%) of the sandwich generation do their parent’s shopping, spending 4 hours a month on average doing so. In a role reversal, a quarter (26%) become a taxi service (almost 4 hours a month) and a fifth (20%) spend 5 hours on average cleaning up for their older relatives.

 

But it’s children that take up the most time. Of the half who cook (55%) for their children, the average time spent is 9 hours a month and the two-fifths (39%) who tidy after them will spend an additional 6 hours doing so. It’s no wonder that almost half (48%) wish they had more time to themselves.

 

To help the Sandwich Generation find freedom and finance in their life, Skipton Building Society has partnered with Time Management for Dummies author, Clare Evans to develop a series of tips. These include: Logging your time, simplifying your life, finding time for yourself, create a support team and how to make better choices.

We speak to the UK’s leading time management expert, Clare Evans, and Jacqui Bateson from Skipton Building Society, who is a member of the sandwich generation herself.

 

Let's Talk: Biz speaks to the author of "Time management for dummies"

We speak to the UK’s leading time management expert, Clare Evans, and Jacqui Bateson from Skipton Building Society, who is a member of the "sandwich generation" herself.

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