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Financialshock risk in old age by failing to save for care

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People are risking financial shock in retirement as new research from Bupa says that the British are the least likely to think they will need to save in the future for the costs of care in old age.

 

The international Bupa Health Pulse study surveyed 13,000 people in 12 countries. It found that 30% of us think we will need to put money aside in the future to fund care in later life, the lowest of all countries polled. Only a third of the over 65s said that they had saved money for their old age at all. China and Thailand topped the table as the countries most likely to have saved for later life.

 

Oliver Thomas of Bupa says, "We know that on average, someone over 65 is likely to need around £50,000 to cover care costs such as home adaptations, meals on wheels and care home fees, but one in 10 will need double that. Most people assume the NHS covers all care in old age, but that is not correct, so paying for care can come as a shock. Because women live longer, they are more likely to need social care than men."

Long term care news: 16 December 2011

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