Caring for Elderly Parent Costs 132, 549 Pounds

By Myra Butterworth, The Telegraph

March 12, 2009

The United Kingdom

The growing toll on Britain's army of unpaid adult carers was highlighted in a new survey that suggests one in five adults regularly provides care to their elderly parents or in-laws. 

More than a quarter of the 2,000 people surveyed said they have put their holiday on hold due to having parents who need care. A further 15 per cent said they have put off any financial planning, while 13 per cent said they have put their career on hold. 

Financial services group LV=, which carried out the latest survey, said the overall cost of caring for a parent is £132,549, based on the amount of unpaid care adult children invest in their elderly parents over a 10 year period, plus the cost of residential nursing care. 

It comes after exclusive research for The Daily Telegraph showed that 1.3 million adults aged between 17 and 65 are paying their parents more than £250 each month with many paying up to £1,000. 

It is further evidence that so-called Babygloomers - defined as those who are having to support both their own children and their parents - are seeing their budgets stretched to the limit. 

Mike Rogers, group chief executive of LV=, said: "We've identified not only how much unpaid support adults give their elderly parents every year, but also the growing financial and emotional pressure the 'sandwich generation' in the UK are facing as a result of the current recession. 

"The care that elderly relatives receive from their families is invaluable but there is clearly a growing concern that financial support for rising care home costs may simply be unavailable. 

"Added to these concerns the 'sandwich generation' is also walking a fine tightrope between caring for their elderly parents, surviving the recession, and also supporting their own children over 18 years old as they make their way through life." 

Financial experts and politicians have acknowledged the growing number of Babygloomers - or Sandwich Generation - saying it is one of the most striking phenomenons of the credit crisis. They expect it to become more pronounced as the economic downturn worsens. 

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