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Over 80% of people not saving for their care in old age

18th October 2010 Print
National Friendly

New research from specialist health insurer National Friendly, reveals that 84% of Brits are not putting any money aside to pay for care when they are elderly, further highlighting the severity of the escalating long term care issue.

Worryingly, this lack of saving is despite 77% of people believing that the money provided by the state would not be sufficient to cover their costs if they needed help with their care.

National Friendly’s research into care for the elderly also revealed that a staggering 77% of people are not aware of the options available to them if they had an elderly relative who needed help with their care.

With 84% of people admitting that they do not think care for the elderly is being made a priority by the state, the vast majority of Brits are clearly in need of reassurance from the coalition government as to their future welfare. While the recently founded Commission on the Funding of Care and Support is a step in the right direction, its findings on long term care, due July 2011, cannot come quickly enough.

Commenting on the research, National Friendly CEO Richard Sear said: “We are living in the age of ageing (with the number of 85 year olds in the UK set to double by 2026), where funding for elderly care is a major national issue. Clear plans must be put in place to provide for our increasing ageing population as soon as possible to ensure that there will be adequate care provision for people in their old age.

“Even before the credit crunch it was clear that the state would not have the necessary resources available to meet the burden of long term care. In the current economic climate, it is even more important that the public and private sector work together to provide tangible and sustainable solutions.”

“We cannot afford to wait for the findings of the long term care commission before taking action. Organisations, such as National Friendly, that were founded to meet the care needs of the UK population before the welfare state was established, have a duty to look back to their founding principles and step forward to address the challenge and ensure that the people of Britain are cared for throughout their lives.”

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National Friendly