Most over 40s have not made plans for elderly care costs as they expect to financially support their adult children, according to research.
In a poll of over 2,000 adults, adviser Wesleyan Assurance Society found over half (62%) expect to assist children aged 21+ financially with a deposit for a house, rent payments or saving towards future education.
However, less than a fifth (17%) have started to make plans for the cost of care in old age.
The research also suggested those with elderly parents and financially dependent children will be worse off in older age compared to their parents. Less than a tenth (8%) of over 40s contribute or expect to contribute to the costs of care for their parents.
The research also showed almost two-thirds of those questioned underestimated the cost of care (59%).
On average, respondents underestimated the cost of care by £6,000 with figures showing the true cost of care to be in the region of £27,000, and climbing to more than £37,000 with nursing costs.
Bridgit Richards, Wesleyan's head of marketing said: "Our research shows there is a generation who are supporting their children for much longer than they probably expected. These same people could be living longer and yet are less prepared for old age than their parents. While our professional customers may seem to be in a better position, there are still huge numbers who haven't yet started to plan for care in later life.
"The government is currently consulting on a proposed cap on social care costs of £35,000. Whatever the outcome of this, we would suggest that parents over 40 need to consider their own needs as well as those of their children."
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Via The Exchange
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