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Kids care for elderly parents to cut costs

In the latest evidence of the existence of a 'sandwich generation', those having to support both their children and their own elderly parents at the same time, a survey found that 40 percent of those with elderly parents look after them on a daily basis, with 12 percent even supplementing their income.

A third surveyed said that, as a consequence of these additional responsibilities, their own health and/or relationship with their partner was deteriorating.

Nick Sanderson, chief executive of Audley, said: 'Getting finances in order is of course important, but without preparing for lifestyle and health changes, the elderly will increasingly have decisions made for them, unable to maintain the life they once led. By taking steps earlier in life to downsize and live in a safer, more suitable environment, individuals can lessen the physical and emotional strains they place on family members and maintain their independence and health for longer.'

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