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, survey reveals.
A survey of 2,004 nationally representative UK adults commissioned by Saga Money has found many over 50s are prepared to pay towards their care but say that ‘excessive costs’ will put them off saving.
Carried out by polling organisation Populus, and including 897 respondents aged 50 or over, the survey showed nine in 10 over 50s believe there should be a care fee cap set at £60,000.
The Conservative manifesto proposed a £100,000 ‘floor’ on care costs beyond which people's assets would be protected, but it did not mention an overall cap on costs.
‘The survey clearly shows that people are supportive of contributing to their own care, but not at any price,’ said Nici Audhlam-Gardiner, managing director of Saga Money.
‘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.’
‘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,’ she continued.
‘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,’ Ms Audhlam-Gardiner concluded.
‘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!’
For more on the Conservative's social care funding proposals visit The MJ (£).
