Many adults in the UK currently have the responsibility of looking after elderly parents. However many believe that the cost of residential care is less than the actual cost. On average people estimate a weekly cost of £549, the more accurate average cost is closer to £900 per week at £866, this underestimate leaves a £317 every week. More than half of adults said that the cost of the care of parents should be shared equally among siblings. Sadly 48% of adults over the age of 55 still haven’t discussed who will take on this responsibility in their family. Supporting relatives practically and financially also puts emotional strain on families and the number of people in care in the UK is set to almost double by 2035. Having an open discussion about the bill for social care of a loved one could save a future financial crisis. Seeking professional advice and researching what state provisions are available, could help to being to plan for a clear financial future.
