One in five caring for parents

Research shows one in five Britons provides care for their elderly parents or in-laws, giving them an average of 36 hours unpaid care each month.

According to insurer LV=, a further 6% of people who provide assistance support both them and their own children financially handing over an average of £185 a month.

Of the people who care for their parents, four out of 10 said they had had to put some aspect of their life on hold, with 27% of these people postponing a holiday and 13% delaying moving house to care for parents.

Of the people questioned, 13% had put career moves on hold to spend time caring for their parent or in-laws.

But the research shows many people are underestimating the cost of looking after their parents with half of people saying they are less able to help out with the cost of care now than they had been a year ago.

However, the alternative of placing people in a nursing home is not an option for many as people do not realise the cost of nursing care is 40% more expensive than predicted, with a typical 30 month period in a care home costing £88,140

But 78% of people said they would rather look after their elderly parents at home, rather than put them into residential care, 6% more than when a similar survey was carried out six months ago.

Mike Rogers, group chief executive of LV=, said: "Our report has identified not only how much unpaid support adults give their elderly parents every year, but also the growing financial and emotional pressure the 'sandwich generation' in the UK are facing as a result of the current recession."

He added that the care that elderly relatives receive from family members is invaluable, but it is clear there are financial worries that come with the responsibility.

However, six out 10 people said their parents would use their own savings to pay for care home fees to maintain their parents care, and 50% said they would release equity from their home.