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Brits 'financially support elderly relatives'

Brits 'financially support elderly relatives'
17th June 2008

One in ten Brits are helping their older family members financially, it has emerged.

Research by Engage Mutual Assurance asserts that 22 per cent of those questioned are paying money towards their parents' care, while the same number of individuals help elderly loved ones with the day-to-day costs of living.

Some 33 per cent of respondents said they have taken a family member into their own home to reduce outgoings.

The research also highlights that some individuals are concerned they will not be able to support their parents when they retire themselves.

Karl Elliott, 3GB spokesperson for Engage Mutual Assurance, said: "With the size of Britain's retired population growing - and costs of living increasing - it is important that people save little and often towards their retirement in order to reduce the pressure on themselves and their family."

In related news, Help the Aged recently revealed that since 2005 there has been an increase of 200,000 in the number of pensioners who are living below the poverty line.

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