Brits risking financial shock in old age by failing to save for care

8 December 2011

People are risking financial shock in retirement as new international research from Bupa has found that Brits 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, which surveyed more than 13,000 people in 12 countries, found that less than a third (30%) of Brits think that they will need to put money aside in the future to fund their care in later life, the lowest of all countries polled. Only a third (33%) 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, UK Director, Bupa Care Homes, said:

“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 all care in old age is covered by the NHS, but it's not, so paying for care can come as a shock.”

In the majority of countries surveyed, women were found to be significantly less likely than men to have put money aside for old age.

Oliver Thomas continued:

“Because women live longer, they are more likely to need social care than men. We need to celebrate the fact that people are living longer but we'd urge people, particularly women, to talk to relatives and loved ones about saving for old age. Today's figures also reveal that women are more anxious than men about getting old but proper financial preparation could help ease their fears.”

The majority of people (70%) in Bupa's Care Homes in the UK are women and a significant number of admissions are unplanned, meaning that many are forced to arrange finance at what is already a stressful time.

Baroness Pitkeathley, Vice President, Carers UK, said:

“The majority of enquiries to Carers UK's helpline come from women, either women seeking advice about their spouse who needs care, or sisters, daughters or nieces who look after a family member. Like Bupa, we'd urge people to talk more about what care they might want for themselves in old age so if and when the time comes, their family know their preferences for care.”

It is important to be aware of the costs of care. People who may be confused can use the Bupa interactive funding indicator to help them to find out what, if any, financial assistance they're eligible for. People can also order free guides on planning for needs in later life and paying for a care homes. See https://www.bupa.co.uk/individuals/care-homesfor information.

The Bupa Health Pulse 2011 ageing survey also found that:

· 28% of Brits claim that they're just planning to deal with the consequences of old age when it happens

· 16% of Brits think they will need to sell their house to fund care in their old age.

· 21% of British women are worried about who will look after them when they get old, but only 13% of British men share this worry.

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