Find out how sandwich carers can be supported by mortgage advisers and lenders better if we can recognise the unique challenges they face.

Who are sandwich carers?

We often hear life expectancy is rising in the UK. Thanks to advances in healthcare and improvements in our living and working conditions, the average life expectancy age is now 81 years. But it isn’t as commonly reported that the average number of years a UK citizen can be expected to live in good health, is significantly lower, at around 63 years old. That’s a long time to potentially need some additional care.

This is where the sandwich generation come in, around 3% of the population in fact. Typically, between the age of 40 and 60, these individuals are ‘sandwiched’ between caring for both their ageing parents, who may not be in the best of health, and their own children. Also known as sandwich carers, they are balancing full-time employment while providing emotional, physical and financial support to two generations.

The pressures faced by sandwich carers

If you Google ‘sandwich carers’, you’ll mainly see phrases like ‘stressed out’, ‘reaching breaking point’ and ‘exhausted, overstretched’. And ONS data suggests around 27% of sandwich carers show symptoms of mental ill-health. It’s reflective of this demographic who are often juggling demanding jobs with their caregiving responsibilities.

They could be supporting their children through higher education or getting onto the property ladder, while also helping elderly parents with daily tasks such as shopping, cleaning and medical appointments. Sandwich carers are often time poor and financially stretched, and that’s before considering the emotional drain that comes with caring for both younger and older relatives.

We also need to take into consideration the realities (or non-realities) of ‘financial freedom’. Many people in their 20s and 30s dream of achieving financial freedom as they grow older, imagining a straight line of money accumulating in the bank. However, the journey is often more complex.

For sandwich carers, financial freedom can be a winding road. They may find themselves asset-rich but still heavily involved in caring responsibilities. The reality of managing both childcare and eldercare can divert funds and focus away from personal financial goals. Therefore, it’s crucial to adapt financial planning strategies to account for these unexpected detours, ensuring  their financial journey remains on track despite the challenges.

The role of brokers and lenders

As mortgage advisers and lenders, it’s essential we recognise the unique challenges faced by sandwich carers. As they’re often time poor and over stretched, they have little opportunity to focus on their own financial well-being.

By understanding the pressures they’re under and getting to know their own individual needs, we can help them find the right mortgage solution. Below are some of the key challenges you may find when speaking to a customer who is also a sandwich carer, and how you can support them through holistic advice:

Supporting customers to find the time

Sandwich carers often find themselves juggling work responsibilities, caregiving duties and the demands of parenting. This leaves them time poor, especially when it comes to their own wellbeing, personal pursuits and financial planning. Getting to understand the wider needs of your client, their own goals and aspirations can help find them the right mortgage solution, for example, if your customer has dual caring responsibilities then you can find a way that accommodates the customer at a time that suits them best – making the  most out of the time you have with them.

Supporting customers at the right time

In a recent Hodge survey, we found  84% of people aged under 50 in the UK claim to need financial support from family to help them with the cost of living. For example, children are living at home for longer, needing support to get them through university and, what we’re seeing as a growing trend, more people are seeking financial help from the Bank of Mum and Dad to help them get onto the property ladder. In 2022-23, 37% of deposits were gifts or loans from family, up 9% from 2021 (Gov.uk).

In addition, sandwich carers could be assisting their elderly parents navigate the equity release market in collaboration with a broker to fund retirement or care costs.

By adopting a relational mindset and asking the right questions, brokers can make a significant impact on the financial health of sandwich carers. The role of the broker is to ask the right questions, dig a little deeper and take a holistic approach when speaking to clients. If your client is in the sandwich generation, it may be that they need an additional bedroom or annexe to support an elderly parent, they want to gift a house deposit to a child or think about their own retirement plans. These clients need tailored advice which considers their complex family dynamics and future planning needs.

Supporting customers ahead of time  

Caring for multiple generations and juggling financial obligations, such as their own retirement plans, can lead to stress, debt and a compromised financial future. It’s like when the flight attendant tells you to put on your own oxygen mask first before helping others – sometimes the best way to take care of others, is to put your own needs first.

By explaining this to clients, it can help them unlock and understand what the right mortgage solution could be for them. If you can dig deeper, ask the right questions and build trust with sandwich carers you could be in a position to support not only them, but also their children with regards to their first mortgage or their parents with an equity release plan or RIO mortgage as the enter their next stage of life.

How Hodge can help support your client’s financial future

At Hodge, we’ve been supporting customers with their financial needs since 1965. Our expertise and dedication ensure whatever their story, they’re in safe hands with us. As brokers and lenders, understanding the pressures faced by sandwich carers and providing empathetic, personalised advice not only supports these clients but also opens up opportunities for lasting professional relationships and business growth.

Together we can help the sandwich generation navigate their financial challenges and play a big role in securing their financial future. Giving them one less thing to worry about, so they can enjoy the moments that matter with those they’re taking care of.

Find out more about our mortgage products, please visit our intermediaries website.