Three quarters (75%) of people aged 45 or over are not putting any money aside for their elderly care while one in ten (9%) are saving less than £50 a month.
This is according to new research by SuperCarers, the personal online service matching the needs of families with safe, reliable and compassionate caregivers, which is on a mission to disrupt the UK’s archaic, expensive and inefficient care system.
The research highlighted a growing sense of financial complacency regarding paying for elderly care. Indeed more than two in five (42%) people aged 45 and over think they will be able to pay for their elderly care through personal savings. A third (34%) 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. A further 33% said it would be with equity from their home.
The research canvassed the views of over a 1,000 people aged 45 and over also showed that 17% don’t actually anticipate needing elderly care with 13% feeding back 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 alone have a care related need and four million will need daily help by 2029. Furthermore it is expected that by 2025 there will be a deficit of 600,000 carers in spite of this increasing demand.
The biggest concerns people have about getting old include having poor health (66%), not being very mobile (55%), not being financially well off enough to do what they want (45%) and losing their partner and feeling lonely (44%). The research also showed that one in ten (10%) people believe they will be a burden on their children as they get older.
Only a fifth (20%) of people are either optimistic or very optimistic about getting older, with men being more optimistic (24%) than women (16%). Almost four in ten (39%) are either pessimistic or very pessimistic about getting older. People who are most optimistic about getting older are in Northern Ireland (50%), the North East (29%), London (27%) and the East (25%). The least optimistic are those living in the North West (17%) and the South West (12%).
More than one in seven (13%) believe they will pass away between the ages of 76 and 80; 17% think it will be between the ages of 81 – 85 and 12% think they will be aged between 86-90. Three per cent thought they would live to 100+.
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. 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.
“There is little faith in the UK’s care system as overpriced, poor quality service has become the norm. There is no wonder that there is a lot of negativity about later life and fear about how care is going to be paid for. This is something we want to change! SuperCarers believes that by empowering and connecting people care can become more personal, reliable and consistent. We are determined to simplify finding, monitoring and paying for care, easing the burden on many UK families struggling to cope.”
The research also showed that people don’t believe that leaders of the main UK political parties have a strategy in place for our ageing population: 57% agree that leaders definitely don’t have a strategy in place while 31% are not sure whether they have a strategy in place or not. The view on UK political party leaders gets worse as people get older: 69% of those aged 65+ think they don’t have a strategy in place (55% for those aged 45-54).