Over one in six (16%) UK adults, equivalent to almost nine million people, currently provide financial support to older family members, Canada Life has revealed.

Financial advisers are seeing this trend emerge in their own client conversations, with over a third (36%) saying they have seen an increase in financial support to older family members in recent years.

The financial services firm said its findings underline the increasingly complex financial pressures facing families as people live longer.

Traditional patterns of financial support are changing, with financial help no longer flowing solely from older to younger generations. Canada Life said instead, many adults are in stepping in to help parents and older relatives meet the cost of later life.

Over three in five (61%) of those helping older relatives are contributing towards everyday living costs, highlighting growing concerns over retirement affordability, suggesting many older people’s income are falling short of the cost of a basic standard of living.

More than a third (35%) are helping to cover at-home care costs for a relative, and a similar proportion are contributing towards property maintenance and repairs (33%).

One in 10 UK adults are part of the "sandwich generation", providing financial support to both older and younger family members, with 25-44 years olds the age group most likely to be supporting relatives up and down the family tree.

Chief customer officer at Canada Life, Rose St Louis, said: "Longer lives mean the traditional pattern of financial support flowing from older to younger generations is becoming less clear-cut. Cost of living pressures and unpredictable care costs can mean older relatives find their income is not stretching to meet everyday expenses.

"Families will naturally want to support those they love, but this can place pressure on those in mid-life who may also be raising children, paying a mortgage and trying to build their own financial security for later life. Without a plan in place, there is a risk that financial pressures are passed from one generation to the next.

"For advisers, this means understanding both the financial and emotional toll these pressures can take on clients, and tailoring support accordingly. Where appropriate, bringing multiple generations into the planning conversation earlier can help families consider the choices ahead around retirement income, potential later life costs, and inheritance. With a joined-up view, families can put a plan in place that helps mitigate rushed decisions when an issue arises and reduces the likelihood of financial pressures being passed on unexpectedly."

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