Saga: Elderly may have to rely on "the bank of sons and daughters"

Money News

www.moneynews.co.uk > General finance > Saga: Elderly may have to rely on "the bank of sons and daughters"

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Saga: Elderly may have to rely on "the bank of sons and daughters"

Adult children may have to forego their inheritance as their parents fail to save for long-term care fees, according to new research by Saga.

A study by the insurance and financial services provider to the over 50s found that only one in ten adults have properly discussed long-term care funding with their parents.

Nearly half (47 per cent) underestimate its cost, which is between £25,000 and £30,000 annually.

Most people (57 per cent) think it is likely that any potential inheritance will be used to fund long-term care.

Owain Wright, head of care funding services at Saga, said that careful planning could mean avoiding parents having to turn to their children for financial assistance.

More research by AEGON found that 61 per cent of 50 to 65-year olds expect to carry on working when they reach retirement age or to pursue charity work or education.

In addition, 22 per cent worry about running out of money in retirement.

ADNFCR-323-ID-18731617-ADNFCR

Related News : General finance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Saga

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet