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More people are saving to pay for parents

22nd November 2014

This news article is from Handicare UK. Articles that appear on this website are for information purposes only.

A recent study conducted by Pew Research found that one in three adult children are supporting their retired parents, and more than 80% feel that providing for their parents is their responsibility. This includes paying for care, purchasing items to modify the home such as stairlifts, and even supporting with mortgage payments. Whilst there are ways to make such expenses more affordable, such as by choosing a reconditioned stairlift over a brand new one, saving from an early age can help ease financial pressure in later life.

Due to the ageing population, with the majority of adults living to a much older age then previous generations, many are finding that retirement funds are being outlived. This means that a number of the elderly are struggling to get by with many having to call on the help of their sons and daughters in order to survive. As the above statistics confirm, the majority of adult children surveyed felt that this was their responsibility, with a third already providing financial help to their parents.

Helping parents to remain independent

Costs that adult children may wish to consider in case of the event that a parent becomes strapped for cash include housing, technology, home modification, caregiving and long-term care. Home modification, such as adapting a bathroom or replacing furniture with suitable chairs for the elderly, are often the first costs that adult children may encounter in an attempt to help parents remain independent for as long as possible.

Housing is also a factor which may spring surprise costs, in the event that a heating system fails and needs to be replaced, or a roof needs to be repaired. However, it’s also important not to forget that caring for parents can also be emotional and physical, but by being prepared for situations such as the above, adult children can both have peace of mind and find future events easier to deal with.

Image Credit: Andrew Hayward (Flickr.com)

This content was written by Emily Bray. Please feel free to visit my Google + profile to read more stories.