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Elderly are prepared to fund their own care

Partnership Assurance

A new survey into attitudes among the over 50s towards long term care funding by Partnership, suggests strong and wide ranging opinions on one of the key issues of our time.

 

  • Most believe that care for the elderly should either be part funded by the government with a contribution by the better off, or that most elderly should make a contribution

  • Willingness to pay for elderly care is clearly linked with social grade, with those of the higher social class, AB, most willing to make a contribution. ABs and C1s are more likely to say that the elderly should contribute than the lower classes.

 

Chris Horlick at Partnership says, “People aged over 60 have over 4/5s of the wealth of the UK. There are also now more people aged over 60 than under 16. There will be fewer younger people to pay the taxes to fund the elderly. This research demonstrates that the elderly are responsible and are prepared to shoulder the burden for funding their care.”

 

Most people are unaware that they may have to fund their social care, yet every year 53,000 people (or 41% of all people entering residential care), with assets over £23,250, have to.

Long term care news: 15 March 2011

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