More than half of over-65s financially supporting younger generation

Six in 10 adults over 65 are providing financial support to younger generations in their family, according to a report.

A quarter of these put money towards holidays and leisure, while 22 per cent help out with education-related costs.

Another 23 per cent provide care to relatives, and 17 per cent give support with daily tasks like shopping, driving or other errands, for younger people in their lives.

The research of 2,100 UK adults found younger generations are grateful for the help, with 76 per cent aged 18-40 saying support from older family members is somewhat, or very important to them.

Nick Walker from Edwards Lifesciences UK and Ireland, which commissioned the research and has produced a report called “Unifying Generations”, said: “The report sheds light on the pivotal social and economic contribution of the senior population and demonstrates the importance of protecting their health and well-being.

“It’s interesting to compare and contrast the views of both younger and older generations, to show just how much value people 65 and over are providing.

“The UK’s population is ageing according to Age UK, one in five people be over 65 by 2030.

“While an ageing society is often thought of as a problem, our report shows there are lots of positives to be found.”

Many benefits of intergenerational interactions were also highlighted in the study.

According to younger people, listening and giving advice (45 per cent), companionship and friendship (38 per cent), and sharing historical or cultural knowledge (31 per cent) were the most valuable skills older people can offer.

Additionally, 24 per cent of younger respondents believe mentoring or educational schemes provided by national or local government would help them to do more with their elders.

The older generation, meanwhile, recognises the need to improve its digital skills with 40 per cent saying they would most like to learn technology and digital media from those aged 40 and under.

One of the most positive themes that emerged from the report was the willingness to improve intergenerational interactions.

People of all ages thought closer relations between generations are a good thing (76 per cent) versus a bad thing (seven per cent).

In fact, exactly half of respondents had a friend of a different generation and 37 per cent were open to having one.

The report also found COVID-19 has had a significant impact on intergenerational relations, as 37 per cent of respondents believe younger and older people are further apart since the pandemic.

It calls for three recommendations to improve intergenerational relationships, by changing the perceptions of the UK’s over-65s, supporting mentoring schemes and introducing digital training for older people.

Derek Thomas, MP for St Ives, said: “By changing perceptions of older people, we celebrate and recognise their pivotal contribution, and encourage even more.

“New mentoring schemes will help our younger people to make greater strides educationally and vocationally, while digital training for older people will reduce isolation and keep family and communities much closer.

“There is so much to be gained by bringing our generations closer together.”