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Money not being set aside for old age care

December 13, 2011

Money not being set aside for old age care

Many people are risking giving themselves a financial shock later in life by failing to put money aside in savings accounts to pay for care, a survey has found.

Carried out by Bupa, the study found that 30 per cent of people think they will need to have money set aside to fund their care later in life.

However, only 33 per cent of over-65s said they had put any money aside for their old age.

Oliver Thomas, UK director of Bupa Care Homes, said: "Most people assume all care in old age is covered by the NHS, but it's not, so paying for care can come as a shock."

He emphasised that on average, someone over the age of 65 is going to need around £50,000 to cover such costs, which include everything from meals on wheels to care home fees.

In the majority of cases, Bupa found that women are less likely to have considered care costs than men.

 

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

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