SINGAPORE – More and more Asian families are having trouble with the pressure of simultaneously supporting their children and aging parents, a new study released this week said.

Longer lifespans and women bearing children at a later age have raised the number of Asia's so called “sandwich generation”, said the study by the Economist Intelligence Unit (EIU).

"Across the region, many members of the sandwich generation are squeezed by the financial burden of caring for multiple generations and are concerned that their future living standards will decline," it said.

One in five working-age Asians is now a member of the group, said the EIU study, sponsored by investment product and services provider Fidelity International.

Members of this group are typically between 30 and 45 years of age, and support one or two children and two parents or parents-in-law, and their size varies across the region, according to the study.

In China, 37 percent of the working-age population cares for both children and elderly parents, while in Japan and Australia the number sits at 6%.

Due to the financial pressure, members of this group are working more, saving less and taking fewer risks with their money, the study said.

"More than one-third... have had to work harder to cover family expenses since becoming 'sandwiched', about half have reduced their savings and investments and nearly two-thirds are more cautious with their existing investments than they would otherwise be," it added.

More than a third, about 36%, say they are “struggling to cope” with the demands of supporting both children and aging parents, with the number higher in Hong Kong at 53%.

Filial piety remained strong with 78 percent agreeing that it was their responsibility to care for their aged parents, according to the study called “Feeling the Squeeze: Asia's Sandwich Generation."

While children's education is a major expense, providing for the well being of elderly parents is an additional burden, especially in a country with weak social security systems, the study claimed.

EIU said it interviewed 700 respondents in Australia, China, Hong Kong, Japan, Singapore, South Korea and Taiwan who are supporting both children and elderly parents. They interviews were carried out in March and April this year.