How the 2008 financial crash prepared the ‘sandwich generation’ for the coronavirus criss
By Rachel Rickard Straus, Financial Mail On Sunday
Published: | Updated:
More than three fifths of the ‘sandwich generation’ feel better equipped to deal with the impact of Covid because of lessons learnt during the 2008 financial crisis.
People aged 40 to 59 are referred to as the sandwich generation because they are likely to have responsibilities towards both their children and elderly parents.
According to Killik & Co, the investment house that carried out the survey, many people of this generation learnt financial lessons the hard way during the banking crisis of 2008-09 and the ensuing recession. However, they also built resilience as a result, which is now paying off in the global pandemic.
‘Sandwich generation’: A third expect to cut back on essentials to cope, one in ten say that they are likely to use a food bank and one in six expect to take on more debt
One in five say that they are now more cautious about spending, while one in ten have increased their emergency savings – actions triggered by their experiences of nearly 13 years ago.
Svenja Keller, head of wealth planning at Killik & Co, says: ‘It’s interesting that those who were close to age 30 at the time of the 2008 recession feel that this experience has helped to shape their financial management and preparedness overall.
‘That stage of life – as you settle into working life – is a fantastic time to lay down healthy financial habits.’
The findings come as a new study from the Financial Conduct Authority reveals that more than 14million adults in the UK have ‘low’ financial resilience.
A third expect to cut back on essentials to cope, one in ten say that they are likely to use a food bank and one in six expect to take on more debt.
THIS IS MONEY PODCAST
The UK has dodged a double-dip recession, so what next?
Will you confess your investing mistakes?
Should the GameStop frenzy be stopped to protect investors?
Should people cash in bitcoin profits or wait for the moon?
Is this the answer to pension freedom without the pain?
Are investors right to buy British for better times after lockdown?
The astonishing year that was 2020… and Christmas taste test
Is buy now, pay later bad news or savvy spending?
Would a ‘wealth tax’ work in Britain?
Is there still time for investors to go bargain hunting?
Is Britain ready for electric cars? Driving, charging and buying…
Will the vaccine rally and value investing revival continue?
How bad will Lockdown 2 be for the UK economy?
Is this the end of ‘free’ banking or can it survive?
Has the V-shaped recovery turned into a double-dip?
Should British investors worry about the US election?
Is Boris’s 95% mortgage idea a bad move?
Can we keep our lockdown savings habit?
Will the Winter Economy Plan save jobs?
How to make an offer in a seller’s market and avoid overpaying
Could you fall victim to lockdown fraud? How to fight back
What’s behind the UK property and US shares lockdown mini-booms?
Do you know how your pension is invested?
Online supermarket battle intensifies with M&S and Ocado tie-up
Is the coronavirus recession better or worse than it looks?
Can you make a profit and get your money to do some good?
Are negative interest rates off the table and what next for gold?
Has the pain in Spain killed off summer holidays this year?
How to start investing and grow your wealth
Will the Government tinker with capital gains tax?
Will a stamp duty cut and Rishi’s rescue plan be enough?
The self-employed excluded from the coronavirus rescue
Has lockdown left you with more to save or struggling?
Are banks triggering a mortgage credit crunch?
The rise of the lockdown investor – and tips to get started
Are electric bikes and scooters the future of getting about?
Are we all going on a summer holiday?
Could your savings rate turn negative?
How many state pensions were underpaid? With Steve Webb
Santander’s 123 chop and how do we pay for the crash?
Is the Fomo rally the read deal, or will shares dive again?
Is investing instead of saving worth the risk?
How bad will recession be – and what will recovery look like?
Staying social and bright ideas on the ‘good news episode’
Is furloughing workers the best way to save jobs?
Will the coronavirus lockdown sink house prices?
Will helicopter money be the antidote to the coronavirus crisis?
The Budget, the base rate cut and the stock market crash
Does Nationwide’s savings lottery show there’s life in the cash Isa?
Bull markets don’t die of old age, but do they die of coronavirus?
How do you make comedy pay the bills? Shappi Khorsandi on Making the…
As NS&I and Marcus cut rates, what’s the point of saving?
Will the new Chancellor give pension tax relief the chop?
Are you ready for an electric car? And how to buy at 40% off
How to fund a life of adventure: Alastair Humphreys
What does Brexit mean for your finances and rights?
Are tax returns too taxing – and should you do one?
Has Santander killed off current accounts with benefits?
Making the Money Work: Olympic boxer Anthony Ogogo
Does the watchdog have a plan to finally help savers?
Making the Money Work: Solo Atlantic rower Kiko Matthews
The biggest stories of 2019: From Woodford to the wealth gap
Does the Boris bounce have legs?
Are the rich really getting richer and poor poorer?
It could be you! What would you spend a lottery win on?
Who will win the election battle for the future of our finances?
How does Labour plan to raise taxes and spend?
Would you buy an electric car yet – and which are best?
How much should you try to burglar-proof your home?
Does loyalty pay? Nationwide, Tesco and where we are loyal
Will investors benefit from Woodford being axed and what next?
Does buying a property at auction really get you a good deal?
Crunch time for Brexit, but should you protect or try to profit?
How much do you need to save into a pension?
Is a tough property market the best time to buy a home?
Should investors and buy-to-letters pay more tax on profits?
Savings rate cuts, buy-to-let vs right to buy and a bit of Brexit
Do those born in the 80s really face a state pension age of 75?
Can consumer power help the planet? Look after your back yard
Is there a recession looming and what next for interest rates?
Tricks ruthless scammers use to steal your pension revealed
Is IR35 a tax trap for the self-employed or making people play fair?
What Boris as Prime Minister means for your money
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.