New research reveals that three quarters of over 45s are not putting money aside for elderly care

John Stillwell/PA Wire

John Stillwell/PA Wire - Credit: PA

Three quarters of people aged 45 or over are not putting any money aside for their elderly care while one in ten are saving less than £50 a month, new research has revealed.

The research highlighted that 42pc of people aged 45 and over think they will be able to pay for their elderly care through personal savings and 34pc think the state will pay. This is despite the fact that currently the cap on when an individual's care costs can be supported by the state, stands at £23,250.

The study by SuperCarers, which canvassed the views of over a 1,000 people aged 45 and over, also showed that 17pc don't actually anticipate needing elderly care with 13pc stating that they don't know where the funds for elderly care would come from.

This is in spite of the reality that two million elderly people in the UK have a care related need and four million will need daily help by 2029. It is also expected that by 2025 there will be a deficit of 600,000 carers in spite of this increasing demand.

Adam Pike, CEO and Co-Founder of SuperCarers, said: 'The statistics show just how little planning is taking place by those aged 45 or over in terms of preparing for elderly care in spite of an ageing population and the reality that four million people will need daily help by 2029.

You may also want to watch:

'Considering the impact of growing old is often put off until it is too late and even though our research highlights there are clear concerns for health in later life, it seems that preparing financially for future care requirements isn't as high up on the agenda as it should be.'

The research also showed that people don't believe that politicians have a strategy in place for the country's ageing population.

Most Read

• Do you have savings for elderly care? Let us know by commenting below.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter
Comments powered by Disqus