‘Bank of Sons and Daughters’ to Rise
We have all heard of the phrase ‘Bank of Mum and Dad’, but reports predict there is going to be a rise in the number of ‘Bank of Sons and Daughters’ as the parents are facing financial problems later in life.
Saga claim that many British adults will have to pay for care home fees for their elderly parents or give up work entirely in order to provide home help. The cost of long-term care can cost up to £30,000 a year on average and with 47% of adults underestimating this cost, it is no wonder that many will need help to control debt.
Owain Wright, head of care funding services at Saga, 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.”