According to new research* commissioned by Hartford Care, 76% of people nationwide are concerned they won’t have enough money to pay for a place in assisted living or a care home when the time comes and, what’s more, nearly half (49%) have zero savings for later life care – with those aged between 30 and 59 least likely to have savings for this purpose.
In addition, people thought the average weekly cost for a care home place is £891, when in reality the UK average is £1,160, or £1,410** if nursing care is required, when funding your own care.
These findings are part of Hartford Care’s newly-released, inaugural ‘Social Care in Crisis’ report, which highlights a desperate need for better, clearer public information regarding securing and funding care in later years, and which drives wider awareness of the problems facing the social care sector. The report also outlines Hartford Care’s conclusions for addressing the systematic failings of this vital service.
The public research also found that:
- A quarter (26%) of people said they have no idea at all how much a care home costs
- 30% have no idea what financial help is available
- 18% of people have no idea how they will afford to look after themselves when they’re older, 12% are putting off thinking about it
- 86% of people blame successive governments for the social care crisis
In addition, Hartford Care surveyed its residents’ families to understand more about their experience. 57% of families who responded found the costs of a care home place were higher than expected. Not one person found costs to be lower than expected. A quarter of those surveyed (25%) admitted to having no knowledge at all – about funding or the process for arranging care – when they embarked on finding a place for their relative. Nearly half (46%) said they did not have the information they needed to access funding support, and 61% of everyone surveyed only received information when it became urgent or when funding support was quickly needed. Worryingly, for a tenth (10%) of families surveyed, information came too late to help.
Kevin Shaw, CEO at Hartford Care, said: “The social care sector is a political hot potato, one that governments have struggled for decades to address. One thing is very clear from our research – there is a desperate need for public information when it comes to securing and funding care for ourselves and our loved ones.
“We are calling now for better, earlier education to help people plan ahead – crucially, in regards to their financial planning and especially in the wake of the care cap being scrapped – to avoid the surprise and stress that comes with securing a care home place, in urgent circumstances, with no understanding or support of the system that exists. We believe that there is huge opportunity to transform social care for the better.”
Kevin Shaw, Chief Executive Officer at Hartford Care