Cost of caring 'will hit £60,000' as a generation is forced to dip into savings to support ageing parents

Research by the Saga group gives a stark warning that pensioners and their children are unprepared for the financial burden of long-term care.

It says millions of men and women who have dipped into the 'Bank of Mum and Dad' may become the 'Bank of Sons and Daughters'.

The cost of care is already between £25,000 to £30,000 a year and is expected to double in the next 20 years

Just one in ten children surveyed had discussed what they would do if their parents' health failed later in life.

And half of them dramatically underestimated the fees. Care homes already cost between £25,000 and £30,000 a year.

But Saga forecasts the figure will double in the next 20 years, reaching £60,000, because residential and nursing home charges are rising faster than inflation.

It means the inheritance may have to be plundered, or else children may have to raid their savings to ensure an elderly parent is looked after.

Last night, Owain Wright, of Saga, said: 'As this research reveals, there are a huge number of people who are relying on an inheritance from their parents, though underestimating the cost of long-term care.

'By not discussing the issue and making provisions, they are neglecting the fact that their parents may be facing a situation where they will be forced to turn to their children for financial help.'

Lizzie McLennan, of the charity Help the Aged, called on the Government to improve support for carers and cut the care burden.

She said: 'We can't afford to live in a society where it is just assumed that families will step in to cover the gaps in paying for care for older people.'