BOURNEMOUTH-based friendly society LV hosted a fringe meeting at the Labour Party conference yesterday in association with Help the Aged, entitled Generation Clash.

In the 2007 LV Cost of a Parent research it found that taking care of an elderly parent in the south west costs over £118,000 overall - higher than the national average of £113,149.

Apparently one in eight British adults have elderly parents who require care or assistance. Consequently serious financial and physical burden is faced by midlife families caught between the mounting costs of supporting their parents and grandparents, and the need to support their children and grandchildren.

This year alone, across the UK, elderly parents will receive £21 billion in unpaid care and assistance from their adult children who nationally give up more than 33 hours each month to care for elderly parents at an unpaid annual cost of over £3,000.

Meanwhile it can cost up to £180,000 to bring up a child from birth to age 21 years according to LV research.

Group chief executive of LV Mike Rogers said: "Caring for elderly relatives is a huge commitment and an increasing number of families are being pulled in both directions by the pressure to support generations above and below.

"We can expect the overall burden of paid and unpaid care to spiral over coming decades as life expectancy rises and the baby boomer generation ages.

"There is, therefore, an increasingly important role for financial providers to play in helping people to plan their family finances generally, and in particular their retirement funding.

"The availability in the market of more flexible annuities and pensions, plus equity release schemes, increases the options for people to plan ahead and avoid financial difficulties further down the road."

Head of public affairs for Help the Aged Mervyn Kohler said: "The government is currently rethinking its policies governing services and support for carers.

"It is difficult to put a monetary value on the support carers provide, but their financial expenses from caring can be easily identified.

"The government must be firm about the standards of care and support for carers, and should commit to realistically reimbursing them."