More than two thirds of people underestimate the real cost of care they will face when they retire, according to new figures.
A survey by comparison site uSwitch found that average individual care bill totals over £360,000 for ten years, but consumers believe it is £283,000, leaving a potential shortfall of £77,000.
It urges people to start discussing their future care sooner and planning for retirement sooner, otherwise they could face 'crippling debt’.
uSwitch also found caring for one parent for six years costs the same as raising a child to 21.
The survey found 76% of young people expected their parents to foot their own care bill, but almost a third of over-55s did not know how they were going to pay for it, and one in five planned to sell their home to finance their care.
Tom Lyon of uSwitch said: 'These findings show how unprepared we are when it comes to funding the care for our elderly parents.
'It is a sobering thought that it could now cost more to look after an elderly parent than to raise a child, adding extra pressure on families when household budgets are already squeezed.
'Families who do not have their affairs in order and are unable to access Government support could be facing a future of crippling debt.'
