Nearly three-quarters (70%) of employees aged 45-65 do not speak to their employer about money issues they are experiencing, according to research by Octopus Money.
Its survey of 2,000 UK parents aged 45-65 years also found that 59% of respondents said their mid-life is more financially stressful than their 20s.
Almost a fifth said financial stress is affecting their wellbeing and performance at work, but only 29% would feel comfortable raising it with their employer or colleagues.
A majority (92%) said they are still contributing financially to their children into adulthood, with nearly one-fifth believing their children may never become fully financially independent. Almost a third (30%) said they provide financial support for their own parents or parents-in-law, too.
Nearly half (48%) of those affected said they would consider changing jobs to earn more if it helped them better support their family.
The research revealed that the cause of respondents’ financial worries is a mid-life money squeeze, affecting workers sandwiched between financially dependent adult children and ageing parents who need increasing support. It highlighted that the age of 43 years is when pressures peak.
Tom Francis, head of personal finance at Octopus Money, said: “The impact of supporting two generations at once is not just financial, but emotional. What strikes me most is that it is affecting performance at work, yet few would feel comfortable raising it with their employer. That silence is costing both employees and businesses.
“We see that too many employees are in the dark about the money basics, starting with something as fundamental as how much they have in their pension. Financial wellbeing support at this stage of life should not be seen as a perk. For many, it is the difference between staying in control of their future plans and falling behind at a point when the pressure is coming from all sides.”
