More than one in 10 (11 per cent) savers in Generation X (those born between 1965-1980) are paying more than the new state pension amount to care for family and friends, according to research from Just Group.

In analysis of census data released by the Office for National Statistics (ONS), Just Group found that 11 per cent of Generation X are spending an average £237.50 a week to provide care for their elderly relatives.

Over the course of the year, this equates to £12,350, which is over £800 more than the new full state pension (£11,542).

In the 2021 census, it was revealed that of all people that provide unpaid care, more than a quarter are in their fifties, and people are more likely to be providing unpaid care at age 59 than any other age.

More women than men are providing unpaid care, with 12 per cent of women aged 16 and over providing unpaid care, compared with 8 per cent of men.

Just Group group communications director, Stephen Lowe, said: "Providing unpaid care is a big responsibility and can be very rewarding emotionally, but it is also draining both financially and mentally.

"It is no surprise that those in their fifties– who fall into Generation X or Generation Anxiety – are most likely to be providing unpaid care as they take on a variety of caring responsibilities for eldering relatives in the face of the stressed later-life care system.

"When we asked how they felt about contributing to their parents or relatives’ care costs, the majority of respondents answered that they felt poorer (54 per cent) and more tired (53 per cent) as a result. A further four in 10 felt unprepared (39 per cent) and a similar proportion were stressed (42 per cent).

"Providing this care, which often takes the carer out of the labour market, is another financial burden on top of mortgage repayments, supporting children, saving into a pension and working later into life that this generation must carry amid an uncertain economic environment.

"It emphasises the need for clear, deliverable social care policies which we hope to see in manifestos ahead of the upcoming General Election."

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