Caring for a parent costs £120,000
Oct 11, 2006
Taking care of an elderly parent costs adult children an average of £120,000 overall, a new survey shows.
This includes the cost of residential nursing care, plus the amount of unpaid care that adult children invest in their elderly parents over a period of ten years. Elderly parents receive around £33 billion in unpaid care each year, the research from friendly society Liverpool Victoria found, with adult children giving up an average of 45 hours each month, which is equivalent to a full-time working week, to visit and run errands for parents.
For those paying for a nursing home for their parents, the cost could be as much as £71,000 over a 30-month-period, which is the average duration of an elderly person's stay in a care home, the report said.
With the annual cost of care looking set to rise, some people may choose to take out a secured loan against the value of their home, or raid savings to cover . £33bn is an amazing sum to be given in unpaid care each year to elderly parents, said a spokesperson from Liverpool Victoria. The costs of providing care are also increasing, so the financial burden can only become heavier.
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