Care costs mount, finds Liverpool Victoria

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Care costs mount, finds Liverpool Victoria

New research by financial group Liverpool Victoria claims elderly parents receive £33 billion of unpaid care and assistance each year in the UK.

Liverpool Victoria carried out the survey of 3,000 people which suggests that adult children invest 540 hours each year caring for their parents. An average ten hours each week are spent on visits or errands.

The communications director at Liverpool Victoria, Nigel Snell, said: "The costs of care are also going up and up, so the financial burden can only get heavier. This means it is vital for parents and children to plan ahead and try to make regular savings to fund their future care needs."

Findings from the Institute for Social and Economic Research have shown links between the needs of elderly parents on adult children's mobility and job prospects.

The report said: "The older the parent and hence the more likely it is that they will need care in the near future, the lower the probability that a young adult will move away from the home region."

Half of adult children surveyed by London Victoria say they have had to put some aspect of their lives on hold in order to look after parents. This includes 17 per cent who said they put parents' financial support above that of their own children.

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