A tenth of Generation X are spending the equivalent of a full state pension to care for elderly relatives, new research from Just Group has revealed.
Generation X, those born between 1965 and 1980, are suffering ‘a significant financial and emotional burden’, the report says.
Those providing support estimated that they were spending an average of £237.50 a week, or £12,350 a year, on supporting their elderly relatives, covering the cost of things such as care home fees, home carers and weekly shopping and home improvement costs. This is around £800 more than the full new State Pension which will be £11,542 from April 2024.
More than half (54%) admitted they felt poorer as a result of contributing to their parents or relatives’ care costs and 53% said they felt more tired. A further four in 10 (39%) felt unprepared and 42% said they were more stressed.
Stephen Lowe, group communications director at 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 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.
“The money they are spending is unlikely to be surplus to requirements and there will be competing demands from saving into their pension pots to paying off their mortgage, from helping their children to supporting their elderly parents. It’s no wonder many seem resigned to working beyond the State Pension Age.”
