High earning but still struggling: How family responsibilities are squeezing the UK’s Mass Affluent

• 44% of 35–54-year-old Mass Affluent people say saving for retirement is their biggest financial worry
• 42% worry about household income, while 41% are concerned about rising living costs
• Family responsibilities are adding pressure, with 45% expecting costs to rise as they support both children and ageing parents
• Care costs (75%) and medical expenses (65%) are the biggest expected financial contributions for those supporting ageing parents

Even high earners aren’t immune to financial pressure. New research from Monument, the challenger bank for the mass affluent*, shows that 35–54-year-olds struggle to balance retirement savings, rising costs, and supporting both children and ageing parents.

Retirement provisions are the biggest worry for this cohort of mass affluents in the UK, with 44% worried about it.

Their household income (42%) and living costs (41%) including food, utility bills and insurances are also at the top of their worry list. 

By contrast, younger generations remain largely unconcerned, with only 26% of 18–35-year-olds worried about their future financial security. Almost half the level of concern seen in the sandwich generation.

The younger generation is also less stressed about living costs (27%) and their household income (25%).

Nearly half (45%) of the UK’s mass affluent 35–54-year-olds expect rising living costs to be their biggest expense over the next decade, followed by financial support for their children or partner’s children (44%). Childcare (53%) and school or university fees (53%) are among the biggest financial commitments, adding to the strain of also supporting ageing parents.

Almost a sixth of those in the sandwich generation are expecting their support for parents to be one of their biggest outgoings in the next 10 years. This includes care costs (75%), that top the list of financial contributions, followed by medical costs (65%) and home improvements (59%).

On a scale from 0 to 10 how much do you worry about each of the following?

35–54-year-olds top 5 responses:

Ian Rand, Chief Executive of Monument comments:

“This research shines a light on the shifting financial realities for the mass affluent. Many who were once considered secure are now feeling the strain of rising costs and family responsibilities spanning generations. It’s a complex balancing act that’s becoming harder to manage.

“At Monument, we see these challenges every day. That’s why this year, we’re rolling out more products to help clients grow their savings and introducing wealth-tracking tools to give them a clearer picture of their finances. These innovations are all about making it easier for our clients to plan ahead and feel confident about what’s next.”

Monument Bank  

Opinium research conducted between 13th September August 2024 -20 September 2024, asking 1,000 UK adults who have over £100,000 in financial assets excluding their main residence and pension.

Monument is the first challenger bank launched in the UK specifically to meet the unmet demands of mass affluent clients – approximately 11 million professionals, entrepreneurs, and others – who are seeking a bank to help them save and grow their wealth (which is estimated at c.£6 trillion in the UK and £80 trillion globally).  

The Bank received its full banking licence in November 2021 and launched its app and first suite of savings products to the market at the start of 2022. In 2024 Monument joined the 2024 Future Fifty cohort and became part of the UK’s most prestigious programme for pre-IPO companies.