News
06 June 2017, 01:00
Over 50s prepared to pay towards their care, but excessive costs will put them off building wealth for their future
- A third of over 50s say if they had to pay care costs down to their last £100,000 they would not save for their future
- Nine in ten over 50s believe there should be a care fee cap
- Care fee cap should be set at £60,000
- Even renters agree that having to sell the home to pay for care even after death is not right
Whoever wins the election this week, plans for social care funding should be a key focus for the next Government. However they should be mindful of the impacts this policy may have on the behaviour of those who are deemed able to afford to pay towards their own care according to a survey*.
The survey by Saga Money shows that, while many over 50s agree that people who can afford it should contribute towards their care, setting the contribution they have to make too high would put them off saving for their future and home owners are most likely to say this.
Nici Audhlam-Gardiner, managing director of Saga Money commented: “The survey clearly shows that people are supportive of contributing to their own care, but not at any price. People find it grossly unfair that some people get all costs funded by the state, whilst others are faced with losing a huge part of the estate they have worked hard to build up.
“They strongly believe there should be a cap on care fees and that this should be set at around £60,000. If the Government sets the cap too high or the floor too low then people of all ages are saying that this would put them off building wealth for the future.
“The concept of selling the family home before or after death to pay for care does not sit well with three quarters of people, but it is not just homeowners looking to protect their inheritance that feel this way. A similar number of people in rented accommodation also said that this concept was not right. Clearly we need to find a sustainable solution to our care funding crisis, however without a realistic care cap in place, the move risks having the opposite effect with people choosing to spend now rather than buying their homes or saving for later life - leaving the state to pick up an even bigger bill for the future!”
ENDS
Notes to editors
* Populus interviewed 2,004 nationally representative UK adults, all aged 18+ online between 26th and 28th May 2017. 897 of these respondents were aged 50 or over. Populus is a member of the British Polling Council and abides by its rules; for more information www.populus.co.uk