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Thursday 14th August 2008
The "Bank of Mum and Dad" becomes the "Bank of Sons and Daughters" later in life, a new study from Saga claims to show.
According to the firm, 47 per cent of adults do not realise how much long-term care for their elderly parents will cost.
When informed that expenditure generally ranges from £25,000-£30,000 a year to fund the care, a total of 36 per cent said that they would have to make significant sacrifices to meet these costs.
Ironically, it will have been this group which is currently taking advantage of their baby boomer parents' comparative wealth, by raiding the "Bank of Mum and Dad" for help with mortgage deposits and current living costs.
Owain Wright, head of care funding services at Saga, 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. As this research reveals, there are a huge number of people who are relying on an inheritance from their parents, though underestimate the cost of long-term care.
"By not discussing the issue and making provisions, they are neglecting the fact that their parents may be facing a situation where they will be forced to turn to their children for financial help. With careful planning this can be avoided."
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