In 2017, friends and family spent up to £1.7 billion from their own pockets on care for their elderly loved ones.
This figure could increase to £2.8 billion by 2050 due to the growth of the UK’s ageing population.
This growth will mark 2020 as the point at which the 65+ population will outweigh under 15s, putting significant pressure on ‘the squeezed middle’.
Those defined as ‘the squeezed middle’ are under pressure to support offspring whilst also caring for their elderly relatives.
Working class families feeling the financial pinch of family life, defined as the squeezed middle, are under pressure to support and care for their elderly parents or grandparents.