Baby-boomers face £10k burden to care for elderly parents
BABY-BOOMERS are having to pay up to £10,000 a year out of their own pockets to fund the care of their elderly relations.
The “sandwich generation” in their 50s, 60s and 70s – who are often helping out children and grandchildren as well as elderly parents – are having to dip into their pensions and savings to fund care and essentials.
More than four in 10 people caring for an elderly family member spend up to £1,000 of their own money on them each year, while three in 10 pay between £1,000 and £10,000, a report found.
The money goes on essential items such as food and toiletries, which disabled or elderly people are unable to fetch themselves, as well as on care support, which has not been paid for by social services or from the assets of the person needing care.
A quarter of 1,000 British carers surveyed for the “Tipping Point” report, commissioned by Benenden, the health insurer, said their caring responsibilities meant they had been forced to dip into their savings or pension.
Meanwhile, one in 16 said the costs meant they would have to planned.
The burden of care is not just affecting low-income families: 60 per cent of carers surveyed for the report were in the top three socioeconomic groups in the UK, while three in 10 earned at least £40,000 a year.
Across all carers surveyed, one in six said the cost burden of care had left them struggling for money and a third said they expected to have to raid their savings within the next five years. retire later than
‘We need to be realistic about the impact care can have on people’
Commenting on the report, Caroline Abrahams, charity director of Age UK, said: “We are so lucky that millions of people in this country are prepared to care for someone they love, but we also need to be realistic about the impact this can have on them – physically, emotionally and financially.”
She called on the Government to improve social care provision, including allowing carers flexible hours at work and more financial support.