LONDON: Britain is facing a social care crisis with many people unaware and unprepared for the potential care costs that come with older age.
UK adults underestimated the average weekly cost for elderly residential care by over £300 when asked by think tank the Centre for the Modern Family.
While the true cost of care is around £866 a week, when surveyed people substantially undervalued the fees, saying they thought it would be around £549 a week.
One in four of those surveyed admitted they had no idea how they would cover these costs for themselves or a relative.
With only 15% of people saving money on a monthly basis to pay for their own care when the time comes, and almost half (49%) said they avoided thinking about the issue because it makes them feel stressed.
Jane Curtis, Chair of the Centre for the Modern Family said: “The number of people in care in the UK will almost double by 2035. Our research shows that an over-reliance on relatives and the state could put families in serious financial difficulty.
“It’s clear that many people simply don’t understand the social care benefits and support system. Providing clarity and raising awareness of what is and isn’t available is critical to helping people prepare for the longer-term future.”
Currently you have to pay for care if you’re in a residential home in England and have assets of more than £23,250.