Care home costs have risen by 57% in the last five years and a third of UK consumers are concerned about the financial burden and are considering how it is viable.
The research, commissioned by iHus, revealed Londoners were the most uncomfortable group in the UK, with putting their parents into care, with the majority (69%) agreeing they would prefer to have their parents or in-laws live close to them instead.
Furthermore, nearly half of Londoners (around 50%) are also concerned about the financial burden associated with placing their parents in care and 40% have even considered building an annexe on their land as an alternative.
The news reflects a post-pandemic shift in attitudes, with almost one third of the UK saying that spending quality time with their parents and/or in-laws has changed as a result of the pandemic and in fact more than half said it’s more of a priority now than ever before.
The research revealed Londoners’ perspectives on care homes and looking after their ageing parents
Majority of Londoners (69%) would prefer for their parents or in-laws to live nearby rather than in a care home and nearly half of Londoners (around 50%) are concerned about the financial burden associated with placing their parents in care.
Over half (52%) of Greater London residents think about caregiving responsibilities for ageing parents and/or family members.
The data also shows many are actively considering alternative solutions
Majority of Londoners (60%) are open to the idea of their parents living with them in their own homes, with 40% of Greater London residents have contemplated building an annexe on their property to facilitate closer family living
Almost half of Londoners worry about their parents living far away from them during their later years.
Trevor Smeaton, CEO and founder of iHus, the UKs leading specialists in the design and build of stylish bespoke Granny Annexes said, “Our research showed over 50% of Brits would be happier living closer to their families.
“Multigenerational living is often a forgotten solution to an age-old problem. We see families making this desire to be closer together a reality every day, and reaping the financial and emotional benefits of their decision – many wondering why they didn’t consider it sooner. ”