Seven out of ten happy to spend their children's inheritance on old age care

Seven out of 10 people in England said they were not worried about spending their children's legacy to ensure they are looked after as they get older, according to the Local Government Association (LGA).

Nearly three-quarters of those questioned also indicated they would be prepared to sell their home to meet the bill for care.

But the majority of young people appeared to be happy with this arrangement, with only one in five saying they were concerned that their parents would have to spend money they had hoped to inherit.

Four out of five people in the South East also said they would be prepared to help pay for their parents' care, compared with just two out of five 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 the baby boomer generation were likely to demand better and more imaginative services, and it was councils who would be best placed to meet these needs.

He said the Government would also have to increase spending on social care, as well as devising a better funding system that reflected the ability and willingness of more people to make a bigger contribution towards the cost of their care.