Parents getting old and sick? We expect them to look after themselves in old age anyway, apparently
Posted on 18/08/2017 by
uSwitch says three-quarters of us do not expect to help parents pay for their own care once they reach a certain age
'These findings show how unprepared we are when it comes to funding the care for our elderly parents'
Most people in the North East say their elderly parents will have to look after themselves in old age.
Research by the comparison website uSwitch has revealed three-quarters of young people do not expect to help their parents financially as they grow old.
The revelation comes after it emerged the cost of providing care for old people is more than bringing up a child until the age of 21.
uSwitch says one in five of Newcastle people expect to sell their home to finance their own care in old age.
The survey also revealed we under-estimate the cost of getting old.
And the site is urging people to be more aware of what they could face in the future.
Tom Lyon, money expert at uSwitch.com, says: “These findings show how unprepared we are when it comes to funding the care for our elderly parents.
“It is a sobering thought that it could now cost more to look after an elderly parent than to raise a child, adding extra pressure on families when household budgets are already squeezed.
“Families who do not have their affairs in order and are unable to access Government support could be facing a future of crippling debt.
“With this in mind, it is never too soon to start talking about the cost of care. The sooner you start the conversation, the sooner you can start planning for it.”IPS FOR SAVING PETROL - AND MONEY
• 82% of people in Newcastle underestimate the real cost of elderly care
• Almost one in five (18%) of people in Newcastle plan to sell their home to finance their care
• Caring for one parent for six years costs the same as raising a child to 21
• Three quarters (76%) of millennials expect their parents to foot their own care bill
• But almost a third (33%) of over 55’s don’t know how they are going to pay for it
• Nearly half (44%) of millennials haven’t even thought about caring financially for their parents
uSwitch says the survey underlines the shocking scale of the UK’s looming care crisis.
“uSwitch.com found that one in ten (10%) people in Newcastle feel prepared for the cost of their parents’ elderly care and almost a third (31%) are concerned about being responsible for it,” the report said.
“Almost a quarter (24%) are burying their heads in the sand and don’t want to even think about the financial challenge ahead.
“The scale of the UK’s elderly care crisis is magnified as Brits are not saving for the future.
“On average, consumers in Newcastle only manage to save £103 a month, with a quarter (32%) admitting they save nothing.
“With this in mind, it is not surprising that almost one in five (18%) homeowners in Newcastle say they will sell their home to finance their care, rising to nearly a quarter (22%) among the over 55s across the UK.”
Age UK charity director, Caroline Abrahams, said the figures were a wake-up call.
She said: “Most of us cannot predict whether we will need social care support in later life or how much it is going to cost.”
She added: “It’s no surprise that few people are willing to plan ahead for a risk that may well never crystallise.
“Even if they are, not many of us can afford to save enough from our wages or salary to cover the cost of a risk that may never materialise.”