Midlife responsibility peaks at age 45 – as millions juggle rising financial support and unpaid care amid cost-of-living crisis

• As millions juggle rising inflation and living costs, midlife financial responsibility peaks at age 45
• Midlifers (people aged 40 to 60) spend £10bn a year in financial help for loved ones, while support costs have risen by £300 annually over the last 15 years
• Legal & General’s free Midlife MOT course, developed in partnership with The Open University (OU), helps those in midlife to focus on their work, wealth and wellbeing

According to new analysis¹ from Legal & General, responsibility peaks at the age of 45, with midlifers having the greatest level of financial responsibility at this stage of their life. Unpaid caring responsibility also become more common from the age of 58, meaning many 40 to 60-year olds are struggling to juggle their responsibilities.

Many midlifers already feel the level of support they provide is unsustainable (10%). With inflation set to rise by an estimated 6% in April 2022, energy prices reaching record highs and an increase to national insurance, this support will be under even greater pressure².

The study, which was commissioned to support the launch of Legal & General’s Midlife MOT course created in partnership with The Open University (OU), examines the unique challenges faced by those in midlife and the impact of these on people’s work, wealth and wellbeing.

It finds that millions of midlifers are propping up their families, with more than six million people aged 40 to 60 (33%)  currently providing financial support or unpaid care to at least one loved one, on top of their job and other family commitments.

Crucial support under pressure

More than one in six people in midlife (17%) provide financial support to an adult in their life such as an elderly parent or grown-up child, at a collective cost of £10.4 billion a year. Those supporting adult children will spend an average of £247 a month, whereas midlifers who provide financial support to an elderly parent or relative will spend an average of £282 a month, in addition to their own household expenses.

Alongside financial support, those aged 40 to 60 are also relied on to provide unpaid care (15%) to elderly relatives or childcare for grandchildren while also juggling their lives and careers. The average amount of time taken up by unpaid care is the equivalent to a part-time job, at nearly 15 hours a week.

As a result of these time pressures, one in four people in midlife (25%) gets less than an hour to themselves in the average day and one in five (19%) spend no time on their financial wellbeing.

Increase in support in recent years hit further by pandemic pressures

The financial and caring commitments required of people in midlife have already increased in recent years. Based on analysis of ONS data, spending in areas that includes support for other generations has increased by £300 in the last 15 years, placing further pressure on this age group³.   

The Covid-19 pandemic has increased this further, with those in midlife spending more time and money supporting their loved ones. Just over half (52%) of 40 to 60-year-olds in the UK have seen their financial pressures grow, while 34% say that it has increased the time pressure they face.

Legal & General’s free Midlife MOT course, developed in partnership with OU’s experts, is a free online course for those aged 40 to 60. It is available to all, regardless of whether they are one of the insurance and retirement provider’s customers, and has been designed to encourage people to think about their current and future work, wealth and wellbeing and to give them the knowledge and tools to approach later life with confidence.

¹Opinium survey of 4,009 UK adults aged between 40 and 60 years old in the UK was conducted between the 28^th December and 6^th January 2021

²Rising cost of living in the UK, House of Commons library

³Opinium analysed data from the ONS to look at the most relevant spending amongst households where the household reference person is closest our midlife cohort (in this case 50-64). The trends from the ONS Family Spending series indicates that spending on areas such as health and education, which are some of the main areas of spend for those providing care or financial support, is approximately £300 higher than it was for households where the household reference person is a midlifer compared to 15 years ago.

Details of Midlife MOT course

The Midlife MOT course, aimed at those aged 40-60, covers the key subject areas of wealth, work and wellbeing.

You look at how to get your personal finances in order both for today’s needs and for later life. The course covers budgeting, how to cut spending painlessly, reorganising your debts and how to build up your investments to supplement your pension in later life. There’s a ten-point checklist too that identifies what areas of your finances are in order and which need attention.

Then you get the chance to review your working life – is it the right time to change job, start a new career or even start a business? Or you may just want a steer on how to make more of the opportunities available at your current employer. You begin this part of the course by reflecting on what you really want from work and what would give you greatest satisfaction before assessing the different paths you could take.

In the third part of the course you explore your wellbeing – checking your physical and mental health. How healthy is your current lifestyle? You assess this with an interactive quiz that also provides tips on how to improve your wellbeing. This part of the course is arranged around the five pillars of wellbeing – nutrition, hydration, physical activity, cognitive stimulation and social stimulation. And links are provided to enable you to explore in detail specific ways to check and improve your wellbeing – for example with exercise routines.

Filled with videos, quizzes and interactive tools the course is fun and easy to study:

Midlife MOT: wealth, work and wellbeing - OpenLearn - Open University