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Half of adults willing to pay into later life care fund

Most expect to need care after their 76th birthday

Nearly half of adults would be willing to save into a special fund to pay for the care they might need in later life, research shows.

The survey from AIG Life found 48% of adults said they would back paying into a special fund for care in later life which can be left to family when they die. This made it the most popular of six options tested through the nationwide study.  

Selling homes to fund care was the least popular option – just 20% said that would be an acceptable way to fund social care.

The research shows just 11% are confident they will not need any support in old age and, on average, people expect they will need either care at home or in a care home after their 76th birthday.

Around a third (31%) said the current threshold of £23,250 in savings over which anyone with more has to pay for local authority care is about right, while 42% back the current system for NHS funding of social care and support.

Alison Esson, propositions manager at AIG Life, said people are living longer, which is likely to mean more demand for care.

“People accept that funding for more social care will have to come from somewhere and that they may have to provide the money in some form. However, it is a debate that has a long way to run,” she added.

The Welsh expect to need care the earliest at just short of their 74th birthday while people in the South East expect another four years before having to need care. 

Adults in the West Midlands are the most optimistic about never needing care with 15% expecting to avoid it compared with 8% in the East of England.