The Cost of Caring for Older Relatives

One in 10 of Britain's middle-aged people are supporting elderly relatives with care, at a cost of more than £12,000 a year on average, new research has revealed.

The study found those aged 44 to 58, loosely classed as Generation X, are forking out an average of £237.50 a week to help cover residential care, food bills or carers.

Stephen Lowe, group communications director at retirement specialist Just Group, said: “When elderly parents or loved ones begin to need formal caring arrangements, it can be a difficult and emotional time.

“It is little surprise that Generation X feel that contributing financially to their parents or elderly relatives care is the right thing to do but it is clear that, for many, the cost of this additional support is adding to the already significant pressures squeezing this generation.

Source: Sunday Express