Britons are not good at financing elderly relatives

Blog posted

11th June 2013

As our ageing population continues to get top heavy there’s an interesting report due out shortly from fund management company Black Rock.
 
It compares the differences in family financial support for elderly relatives across Europe – and it doesn’t appear to show Great Britain in the best of light.
 
An advance article by The Telegraph says that only a third of Britons are willing to provide financial support for elderly relatives 
 
Furthermore, only a fifth of Britons see provision of elderly support as a priority compared with more than half of French people and two thirds of Italians.
 
It’s an interesting insight. Is this disparity influenced by the different cultures and values of each country? Or is it a direct result of the economic structure, the existing financial support systems, and how these should work to assist people in later life?
 
It will be interesting to see the full report from Black Rock, due out later this month. In the meantime, if you have a view, I’d be delighted to hear it.
 
Social history is a fascinating and ever changing landscape. Undoubtedly, here in Britain the ageing population is impacting not only on the demographic make-up but also how this demographic shift can be supported in the years ahead, hence last year’s Dinot Commission Report.
 
It’s an interesting paradox because at the other end of the population spectrum we have young adults saving hard to get out of the family home and onto the property market but high mortgage rates are denying this transition in many cases.
 
Ironically, we could therefore have a situation where all three generations come closer together – perhaps not necessarily to live together, but possibly to support each other financially and with care.
 
If this is the case, perhaps the Black Rock figures for Britain will start to improve. Or do you disagree? I’d value your thoughts…..
 
Sarah Burgess
Sales and Marketing Director