According to a press release, many survey respondents indicated they are currently caring for both children and parents or older relatives, more in South Korea (49%) and Germany (40%), but also a significant number in Japan (29%), the U.S. (28%), and the U.K. (23%). Families in the U.S. (47%), Germany (43%), Japan (43%), South Korea (35%), and the U.K. (33%) indicated they made lifestyle changes – including cutting back on dining out and entertainment, putting off vacations or holidays, and reducing purchases – to deal with the financial impact.
Burdens of caring for multiple generations prompted some Boomers to put off saving for retirement or other major financial goals (28% in the U.S., 22% in the U.K., 18% in Japan, 17% in Korea, and 10% in Germany), the survey found.
Many people age 45 and older in Japan (74%), the United States (44%), South Korea (42%), Germany (38%) and Britain (32%) indicated they have concerns about dealing with intergenerational financial obligations. Meeting day-to-day expenses while caring for multiple generations was also a real concern for many – 35% in the U.S., 26% in the U.K., 22% in Japan, 17% in Germany, and 14% in South Korea.
The announcement also said the research indicated those with multi-generational financial obligations are less confident than their peers that all of their sources of income will be sufficient to continue their lifestyles in retirement. They also seem less optimistic, saying they expect to work longer and for their retirement to be less leisurely than their contemporaries.
The study was conducted by independent research agency Opinauri, and polled 3,750 consumers aged 45 and older in the U.K., U.S., Germany, Japan, and South Korea.