LV= finds elderly parents cost £132,500

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LV= finds elderly parents cost £132,500

Fri 13th Mar 2009

LV= has calculated that looking after elderly parents costs adults £132,500 on average.

The pensions and insurance provider calculated that the average cost of putting elderly parents up in residential care homes for the average stay of 30 months is £88,140.

On top of this, LV= conducted a survey which reveals that adults in the UK spend around 468 hours looking after their elderly parents each year.

Adding the cost of these "unpaid care hours" to the cost of residential homes, LV= calculated that elderly parents cost around £132,000 a year.

Mike Rogers, group chief executive of LV=, said: "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."

Recently, research by the Alliance Trust showed that the recession is hitting the elderly particularly hard because they face a higher rate of inflation than the general population.

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