Vast majority not saving for old age care – National Friendly

Research from National Friendly has revealed the severity of the escalating long term care issue, with most people unaware of their options.

The specialist health insurer found 84% of Brits are not putting any money aside to pay for care when they are elderly.

To compound matters, this lack of saving is despite 77% of people believing the money provided by the state would not be sufficient to cover their costs if they needed help with their care.

The research also revealed 77% of people are not aware of the options available to them if they had an elderly relative who needed help with their care, while 84% of people admit that they do not think care for the elderly is being made a priority by the state.

Commenting on the research, Richard Sear, CEO at National Friendly said: "We are living in the age of ageing,with the number of 85 year olds in the UK set to double by 2026, and where funding for elderly care is a major national issue. Clear plans must be put in place to provide for our increasing ageing population as soon as possible to ensure that there will be adequate care provision for people in their old age.

"Even before the credit crunch it was clear that the state would not have the necessary resources available to meet the burden of long term care.

"We cannot afford to wait for the findings of the long term care commission before taking action. Organisations, such as National Friendly, that were founded to meet the care needs of the UK population before the welfare state was established, have a duty to look back to their founding principles and step forward to address the challenge and ensure that the people of Britain are cared for throughout their lives."