The findings from Saga Legal Services indicate that around 45 per cent of the 45-60 demographic support at least one family member financially, with 28 per cent offering care support.

Some 51 per cent are concerned about their own retirement plans as a result.

Only 7 per cent of 45-60s stated they were ‘very well prepared’ for their financial future, while 37 per cent said they were ‘not very well prepared’, or ‘not prepared at all’.

Currently just 27 per cent of people aged 45-60 think of a will as a future planning tool, and even fewer (9 per cent) believe the same for lasting power of attorney. Without a will, an estate will be distributed according to the specific rules of intestacy and that may mean certain dependents are excluded. Saga Legal Services estimates that around 8m over-50s do not currently have a will.

“The Sandwich Generation are not only concerned for their own retirement, but for the livelihoods of their dependants as well,” said Emma Myers head of wills, probate and lifetime planning for Saga Legal Services.

“Regardless of what’s in your savings account or pension pot, there are simple steps you can take to protect yourself and your family; a will, and lasting power of attorney (LPA), are both great examples.

“The older you are, the more conscious you should be of conditions such as dementia, but the truth is that a lasting power of attorney is appropriate for most adults. Anyone that has tried to gain control of a person’s affairs without an LPA will tell you how problematic that can be, yet only a fraction of people have one even though it’s usually too late to get one if you already need it.”

“The important thing to remember is that it is never too late or too early to start planning for your future. Whether that’s reviewing your pension, drawing up a will, or making a lasting power of attorney for you or your parents, there are immediate steps you can take towards long-term stability.”