Five ways to ease the middle-age cash crunch

If you’re seriously feeling the pinch in middle age, you’re not alone. People in this age range are more likely than any other age group to say they are just about getting by or they’re struggling financially, according to new research.

Nearly a third (31%) of 45 to 54-year-olds say they’re just about getting by with money, while one in eight (12%) are struggling to make ends meet, Hargreaves Lansdown found. This compares with a quarter of people (24%) across all age groups who say they’re only just about getting by financially, and 8% who are struggling to manage.

With childcare, mortgages, pension pots and so much more to think about at this life stage, things really can add up. So, what can you do to try and help?

Sarah Coles, personal finance analyst at Hargreaves Lansdown, shares the following five money tips for people in mid-life...

Try to keep debt under control savings safety net is often to pay yourself first. Have a direct debit going out of your account into your savings on the day you’re paid – before anyone else gets a look-in.

Your income and outgoings may be higher than when you were younger, so it’s easy to run up bigger debts on the assumption you can afford to repay them.

This makes you particularly vulnerable if your circumstances change, so take care to keep debts under control. This means only borrowing when you really have to,

Teenagers tend to be second only to the under-fives in terms of expense. When they’re at home, costs such as their mobile phone and car could fall to you. If they leave to study, you may well still be in the frame for the lion’s share of their costs.