Parents are unlikely to leave their children a large inheritance in the future, as they will need the money to fund care in their old age, it has been claimed.

According to the Local Government Association (LGA), 70% of adults in England are not concerned about spending their children's inheritance on care as they get older.

And just under 75% of those questioned said they would also consider selling their home to meet the bill for care.

But the survey also shows that the majority of young people seem to be happy with such plans, with only 20% saying they were concerned that their parents would have to spend money they had hoped to inherit.

Around 80% of people in the South East added that they would be prepared to help pay for their parents' care, compared with just 40% in the North.

David Rogers, chair of the LGA's Community Wellbeing board, said: "The results are a wake-up call for children who have not yet started to plan their finances for the future or for those who have not even considered the cost of care in old age.

"It seems unlikely that future generations will be able to enjoy the same as their parents, and any inheritance they do receive may well be spent on their own future care costs.

"While it is reassuring that children are willing to pay for their parents' care in old age, the escalating costs of care coupled with rising debt could mean that people cannot help their loved ones as much as they'd like to."

He added that members of the baby boomer generation are likely to demand better and more imaginative services, and said that it was local authorities who would be best placed to meet these needs.

He also said the Government would need to increase spending on social care, and come up with a better funding system that reflects the ability and willingness of more people to make a bigger contribution towards the cost of their care.

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