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Majority of UK adults want to stay in their home as they get older

Aegon calls for government clarity on long-term care costs

People in the UK have a strong desire to maintain their independence as they get older, a global retirement survey reveals.

The study, carried out in 15 countries by Aegon, found three quarters (74%) of UK respondents said it was very or extremely important that they remain in their own home.

This compares to only 58% people in the Netherlands and 43% of those in Japan.

Aegon said a strong emotional attachment to their home has important implications for social care provision and how it will be funded.

The insurer warned that the continuing delay to the government’s green paper is causing a frustrating lack of long term certainty, with no clarity on how costs will be split between state and individual and whether people’s properties will be taken into consideration when determining how much they will contribute towards care costs.

The survey found 40% of people in the UK stated that losing their independence was a retirement concern. Almost a third (29%) of respondents were concerned about needing to move into a nursing home in retirement.

Steven Cameron, pensions director at Aegon, said individuals need to have a clear understanding of what they will be expected to pay should they need care and there needs to be an overall limit or cap on their share of care costs.

“We need to ensure that incentives are in place for people to plan ahead for an event which could be 20 or more years into the future,” he added.