New research from specialist health insurer National Friendly, says that 84% are not putting any money aside to pay for care when they are elderly, further highlighting the severity of the escalating long term care issue.
Worryingly, this lack of saving is despite 77% believing that the money provided by the state would not be sufficient to cover their costs if they needed help with their care. 77% are not aware of the options available to them if they had an elderly relative who needed help with their care.
Richard Sear of National Friendly says, “We are living in the age of ageing (with the number of 85 year olds in the UK set to double by 2026), where funding for elderly care is a major national issue. Clear plans must be put in place to provide for our increasing ageing population as soon as possible to ensure that there will be adequate care provision for people in their old age.”