Offspring save £21bn in care costs

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An estimated 6.3 million people spend an average of 33 hours a month looking after their ageing parents, according to friendly society Liverpool Victoria.

It said this was nearly equivalent to working an extra week and it would cost around £3,336 a month to pay someone else to do the jobs they did for free.

Around one in eight Britons have elderly parents or in-laws who need care or assistance, with most people spending around eight hours a week visiting and running errands for them, although one in five people spent more than 16 hours a week caring for them.

The group said growing numbers of Britons were being caught between the financial burden of having to care for ageing parents, as well as supporting their own children and grandchildren.

Mike Rogers, group chief executive of Liverpool Victoria, said: "Caring for elderly relatives is a huge commitment and an increasing number of families are being pulled in both directions by the pressure to support generations, both above and below.

"We can expect the overall burden of paid and unpaid care to spiral over coming decades as life expectancy rises and the baby boomer generation ages."

ICM questioned 2,013 people between July 27 and August 3.