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Cost warning over elderly care

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The UK’s ageing population is set to send care and pension costs soaring by an additional £80bn a year by 2050, a major study has found.

The Organisation for Economic Cooperation and Development (OECD), which conducted the research, said that the inflated costs of caring for the elderly could lead to a breakdown of bonds between parents and children.

The OECD believes that many workers will be reluctant to take more time off work or pay extra in taxes to provide care for elderly relatives.

Older people will have to work for longer and save more into pensions to counteract the increasing cost of supporting the elderly, the study found.

The mounting costs will also leave working adults facing a triple blow of higher taxes, longer working lives and less inherited wealth as their parents are forced to sell property to pay for care, according to the OECD.

The group’s pensions expert told The Daily Telegraph that Britain’s ageing population, combined with already high rates of family breakdown, meant relations between the old and the young are under threat.

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