The children of people approaching old age may have to shoulder the financial burden of long-term care according to a new report – a responsibility that may result in debt management issues.
Saga found “the Bank of Sons and Daughters” may have to fund parents’ care and the cost may be more than anticipated.
A tenth of adults have discussed funding for long-term care with their parents – and the figure stands at 57 per cent for those with parents over 60.
Almost half (47 per cent) of those questioned underestimated the costs they may face as well, the study showed.
Head of care funding services at the organisation, Owain Wright, said: “The cost of care is not always something people think to talk to their parents about, but it is vital to start planning as early as possible.”
He added that many people may be relying on inheritance, which may end up being spent on care bills.
In related news today, the Financial Times quoted Capital Economics this week, which said the fall in house prices is pushing older people back into work.