Results from engage Mutual Assurance’s survey on the subject say that 89 per cent of the UK’s families are not prepared to financially support retiring parents, with over a third expecting the state to do so.
“With older relatives living for longer and the rising costs of living, providing financially for family members is becoming increasingly difficult to afford,” explained Karl Elliot, spokesperson for engage Mutual Assurance.
“It’s a concern that many people aren’t aware of the costs of supporting their parents in old age, let alone what they can do to help make provisions for them, given the financial sacrifices these parents have made for their children.”
Warnings of old age poverty comes after uSwitch.com found earlier this month that a third of over-50s need an overdraft just to survive.
According to this new survey, the rising cost of raising a child to the age of 21 has hit £166,000, meaning that money to care for older relatives is not available.
Longer life expectancy is also straining finances, with 14 per cent of families not knowing how they will fund their parents.
With more Britons than ever being pushed into debt, pensioners are being affected by both their own and their family’s debt levels.