Pandemic leaves two in three over-50s determined to receive care at home amid confusion over later life care cost

A new report by the Equity Release Council, supported by Pure and My Care Consultant, Solving the social care funding crisis: perspectives on the contribution of property wealth, uncovers the extent of public concern and confusion over the later life care costs.

The Council is calling on the Government to bring forward solutions that can make state-funded care available to everyone up to a point, with people using their own funds and assets to top this up where needed.

The report includes contributions from Rt Hon Damian Green, MP for Ashford, Dr Louise Overton, University of Birmingham, Jim Boyd, CEO of the Equity Release Council and Chair of the Council’s Long Term Care Working Group, Paul Carter, CEO of Pure Retirement, Jacqueline Berry, Managing Director of My Care Consultant, and Peter Barton, Head of Equity Release at Ashfords.

Key findings from the data include:

• Pandemic has left two in three (67%) over-50s determined to stay living in their own home if they ever need care in future
• Over one in five adults (22%) admit they did not know that many people have to pay towards the cost of social care, and fewer than one in five (18%) have made any provisions for long term care
• 1m people and their families have had to sell a parent or elderly relative’s home to pay for care needs

Kindly shared by Equity Release Council (ERC)

Main photo courtesy of Pixabay