IT has never been easy to find yourself stuck in the middle, balancing the demands of growing children and ageing parents.

However, many Britons in this difficult position are feeling under more stress, financial and otherwise, than ever before.

At least a million people are estimated to be financially responsible for both younger and older family members – part of the so-called sandwich generation.

Looking after the finances of family members at opposite ends of the spectrum can be expensive.

On one side there is the growing pressure to finance your children through education and help them onto the housing ladder.

With university numbers near record levels, many parents are providing their children with financial support for longer than ever before.

On the other side is the pressure created by our ageing population.

As more of us live to a ripe old age the question of whether our parents will have enough money to fund them through retirement becomes a genuine concern.

Even if your parents’ finances are healthy, there is the ongoing worry about what will happen if they become infirm and unable to look after themselves.

Longer lives may be welcome, but one consequence is greater demand for long-term care.

Faced with these concerns, other financial objectives, such as ensuring you are saving enough for your retirement, can get forgotten.

The struggle faced by the sandwich generation, even those on higher incomes, is highlighted in stark detail in the Brewin Dolphin family wealth report, The Big Squeeze.

Brewin commissioned the Centre for Economics and Business Research to look at trends in wealth and income in recent years, and the picture it presents makes troubling reading.

Key findings include:

• Men in the 40-49 age group are at their peak earnings (women peak between 30-39), yet both men and women in the 45-54 age group are more likely to be saving nothing at all than any other age group.

• 30 per cent of 45-54 year olds are saving nothing, and a fifth are putting away less than five per cent of their net income each month.

• 14 per cent of those with an income of £100,000 to £150,000 and 21 per cent of those with incomes above £150,000 save less than one per cent of their net income.

• Some 55 per cent of the population, and 43 per cent of those with incomes above £50,000, think they do not put enough money aside for retirement, citing a lack of spare cash as the main reason.

• Home ownership rates have declined drastically for younger generations as house price growth has far outstripped growth in average earnings in recent years

Even if thought has been given to what may happen in the years to come, the financial crisis has changed savings and financial patterns across age and income groups.

People all over the UK are facing a myriad of financial challenges and becoming increasingly concerned about the state of their finances both now and in the future.

The Brewin Dolphin family wealth report is a three-part series and this is part two.

Further information can be found at brewin.co.uk/thebigsqueeze, while part one can be accessed at brewin.co.uk/mindthegenerationgap

In part three, the report look at the younger generation’s financial challenges and solutions.

It will be published in the new year.