Some 45 per cent of mainlanders said they also felt the same pressure, with the figure for Taiwan at 42 per cent, South Korea 26 per cent and Singapore 21 per cent.

'In places like China and Hong Kong, where few of the elderly can count on pensions or public assistance, and the cost of educating children may be very high, the combined burden on sandwich generation members may be overwhelming,' the report stated.

The study estimated that about 1.5 million people in Hong Kong - or 27 per cent of the 5.5 million people in the working-age population - belonged to the 'sandwich generation'.

It said school fees were a considerable burden even on those in the middle and upper income groups in Hong Kong, where private primary school tuition can cost over HK$156,000 per year.

Nearly half of the Hong Kong respondents said they were putting between 11 per cent and 25 per cent of their income into care for their parents, and about a quarter said they were paying 26 per cent to 40 per cent.

'If you are middle class and have a certain amount of income you do not qualify for comprehensive welfare, and so you have to pay out of your own pocket,' Odalia Wong, head of the sociology department at Baptist University, said.

'Nor are you qualified to send your parents to a government-operated home for the elderly.'

The study found that although many Asians would work hard to pay their bills, many held conservative views on investment. In Hong Kong, most people preferred to put their savings in the bank (63 per cent) and stock market (48 per cent).

It also revealed that few Asians would consult professionals such as independent financial advisers in creating a financial strategy.

The research interviewed a total of 700 people in seven Asian countries and territories.