Majority not saving for any future care needs

New analysis by comparison website Which? has revealed that the vast majority of people are not saving to pay for care in later life, despite one in 10 older people facing care costs of over £100,000.

With only 12 per cent of adults aged 55 or over having put aside monet to pay for any future care needs, the research also found that 34 per cent of over-55s have discussed their care preference with relatives or friends and that 19 per cent worryingly did not even know where to look for information about care.

With social care funding expected to feature prominently in the government’s social care green paper, Which? also asked people about changes they have considered or would consider making if they health and mobility deteriorated. As such, the company found that 92 per cent would make adaptations to their homes to aid mobility, such as installing a stairlift or low-cost aids, while 89 per cent would use outside mobility aids, such as a mobility scooter or walking stick.

Alex Hayman, Which? managing director of public markets, said: “The broken social care system can not continue to fail older people and their families in delivering high-quality, affordable care when they most need support. The government must recognise that most people won’t have made extensive plans for their care, so the system must be designed to help people get the support they need at a time of crisis and stress for themselves and their loved ones.”

James Jamieson, vice chairman of the Local Government Association, said: “Anyone may need social care and support at any stage of their lives, particularly as we grow older, but a lack of certainty of future funding of adult social care and the split of responsibilities between individuals and councils in who pays for it, is making this hard to financially plan for.

“Adult social care is at breaking point due to years of underfunding, rising demand and costs for care and support. There is an urgent need to bridge a £3.5 billion funding gap facing adult social care by 2025 just to maintain existing standards of care. Following the government’s postponement of its long-awaited green paper on adult social care, the LGA has published its own green paper to drive forward the public debate on what sort of care and support we need to improve people’s wellbeing and independence and, crucially, how we fund these vital services.”