In addition, Liverpool Victoria claims that workers are contributing an annual total of £33 billion in unpaid care and assistance, highlighting the need for both parents and children to start planning for the debt burden of retirement.
“The costs of care are also going up and up, so the financial burden can only get heavier,” added Liverpool Victoria’s Nigel Snell.
“This means it is vital for parents and children to plan ahead and try to make regular savings to fund their future care needs.”
He stated that £33 billion was a “staggering sum” and that this is the equivalent of £4,076 per year of care given freely by adult children.
Mr Snell said that good financial planning was the only way for both parents and children to avoid carrying debt due to care costs.
“Planning for the future of the family is something that everyone needs to do, to ensure that elderly parents can have the best possible care, without their children having to put their own lives on hold,” added Mr Snell.