Over 1.8m over 60s are currently caring for a family member, according to the research from Canada Life.

Those who were caring for a family member said they had expected the cost to be just over £1,100 a month on average. However, the actual cost was on average £1,600, leading to a shortfall of £500 per month.

Alice Watson, head of insurance at Canada Life, said the pensions industry and government needs to do more to highlight the costs and options for later life care.

She 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.”

A separate report from Canada Life earlier this month found that over seven in ten (72%) over-60s are failing to plan for later life care.

Almost half (44%) said they will avoid thinking about care costs until either they or a family member falls ill. 

The lack of planning is despite the fact that requests for later life care are on the rise.

In the 2019/20 tax year 1.9m people requested care support from their council, an increase of over 100,000 since 2015/16.

Opinium surveyed 644 UK adults over the age of 60 between 20 and 24 May on behalf of Canada Life.