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Long-term care 'could pose debt risks'

Long-term care 'could pose debt risks'

- Tuesday, 21 July 2009

A large number of young people in the UK would rather care for an elderly relative than have them live in a home.

That is according to new research conducted by Saga, which revealed that 31 per cent of those questioned said they would prefer to provide care for a family member.

The survey also revealed that the majority of people aged over 50 would be unhappy with the idea that their children would have to help pay for their long-term care.

However, as noted by Saga this sort of financial aid, which can potentially cause debt risks for some people, is often necessary as elderly relatives can live in homes that have expensive fees.

Alex Edmans, care funding adviser for Saga Personal Finance, said that while younger people feel like they should take responsibility for providing care for their relatives, some older people would rather not have to rely on them for their "long-term care needs".

He commented: "If long-term care is required we would urge families to talk about this critical issue as early as possible and seek professional advice as there are things that can be done to ensure that fees can be met for life and also to protect assets as far as possible."
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