11% of over-60s say they are currently caring for a family member, equating to 1.8 million people, according to new research from Canada Life.
Those who are currently caring for a family member expected the cost to be, on average, just over £1,100 per month, whereas, in reality the cost was £1,600, leading to a shortfall of £500 per month.
Canada Life said the research highlighted a lack of understanding and awareness around the cost of care in later life, meaning many family members are being forced to make financial sacrifices to care for loved ones.
Alice Watson, head of insurance at Canada Life, said: “With people living longer lives, the requirement for social care will become a growing necessity and norm among society. This research highlights the financial sacrifices people are making to support their loved ones, and no doubt emotional and physical sacrifices too.
“As an industry and nation, we need to do more to highlight the options available for later life care and have these conversations early on.
“Speaking with a financial adviser or family member is a good place to start. Whether people want to receive care at home, make home alterations to make their property more suitable, or move into a care home, advisers are on hand to help people think about their retirement needs and options available to them.”