A new study from advice network, Openwork, has revealed that 28 per cent of savers aged 45 and over are concerned that they may not be able to help children with key events, such as the cost of buying a home, due to the costs of paying for care.
This figure rose to 42 per cent among those savers aged 45 to 55, meanwhile, 70 per cent of the 1,151 people questioned had concerns about funding care in future.
The current pandemic has had a significant impact on income and so it is not surprising that 73 per cent were worried about their retirement income lasting.
Mike Morrow, wealth and platform director at Openwork, said: “The Coronavirus crisis has highlighted the pressure the care sector is under across the country and how much people rely on the staff working in it.
“Of course, funding care in old age has been a major issue for years and one which governments have grappled with but not been able to address, which means families and individuals have to bear the brunt once NHS and local authority funding is taken into account.”
He added: “Many families are already having to cope with the need to look after their own parents while trying to help out their children who may need support with university and trying to buy a house.
“The issue highlights the value of financial advice in finding ways to balance the needs of different generations while helping clients to plan for their own retirement. Families understandably want to help each other but that support needs to be channelled.”
