UK adults misjudge the cost of elderly care by £8,000 a year

Our research for uSwitch.com highlighted that UK adults’ perception of how much it costs to provide residential care for an elderly person is out by almost £8,000 a year: the actual average cost is £36,088 whereas the 2,006 UK adults surveyed believed, on average, that the amount would only be £28,358.

 

As well as a lack of understanding, there seems to be a lack of dialogue regarding the financial implications of elderly care. Only 12% of those aged 55 and over have had a conversation with their children about the cost and delivery of their own care. Interestingly, younger people are likely to believe that their parents will pay for their own care (76%).

 

There are also have differing views on who is going to pay for the care. While three quarters of people aged 18 to 34 expect that their parents will foot the bill, a third of people over 55 are unsure about how they are going to afford to pay for their care. Overall, uSwitch.com found that just 11 per cent of people feel prepared for the cost of their parents’ elderly care.

 

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