The current pandemic has left two in three over-50s “determined” to stay living in their own home if they ever need care, researchers say.
But six in ten (60%) of over-50s polled for the Equity Release Council said they were “fearful” of having to move into a residential care home.
The poll for the trade body shows that over one in five adults admit they did not know many have to pay towards care costs, and only 18% have made provisions for long-term care.
Half of people polled (50%) have not thought about how to pay for future care needs, while only 12% of the over-50s have made any plans or provisions.
And almost half (47%) of people believe everyone should have access to state-funded care provision with the option to top this up from their own funds.
The research, published by the Equity Release Council with Pure Retirement and My Care Consultant, shows the pressures of the pandemic have left a majority of UK adults concerned that care is too expensive (63%), lacking in public funds (64%) and not fit for purpose (57%).
The Equity Release Council report – Solving the social care funding crisis: perspectives on the contribution of property wealth – features insights from figures in politics, academia and financial services on the role of property wealth in supporting a broader, sustainable care funding solution.
The report is available here.