Money News
14th August 2008
Brits unprepared for long-term care costs
Millions of adults expect to have to fund long-term care for their parents, it has been revealed.
In a poll conducted by Saga, over a third of young adults said think that they will be forced to fund their parents' care after they failed to plan for it financially earlier in life.
Meanwhile, 25 per cent of the sample said they anticipate that a family member will have to look after an elderly parent to save money.
Owain Wright, head of care funding services at the company, said: "The cost of care is not always something people think to talk to their parents about, but it is vital to start planning as early as possible.
"By not discussing the issue and making provisions, they are neglecting the fact that their parents may be facing a situation where they will be forced to turn to their children for financial help. With careful planning this can be avoided."
Saga's research also discovered that only one in ten adults have discussed long-term care funding with their parents.
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