Gen X is counting the cost of caring

ONE in 10 members of Generation X are supporting elderly relatives with care costs of more than £12,000 a year, research has revealed.

- Lucy Johnston

The study found a tenth of those aged 44 to 58 are forking out an average of £237.50 a week to cover residential care, food bills or carers.

And the annual burden of £12,350 is £800 more than the full new state pension of £11,542.

It shows the stark financial pressure being placed on people born between 1965 and 1980, now dubbed Generation Anxiety.

And it adds weight to growing research showing they are under more significant strain than their older Baby Boomer counterparts.

The study, compiled by retirement specialists Just Group, shows 11 per cent of Gen X 1.6 million people contribute financially to their parents' care.