Almost a fifth, (18%) of the over-50s expect to have to sell their homes if they become ill in old age and need to fund long-term care, research from MetLife has shown.
Over-50s are mostly without financial preparations, 7% have taken out insurance against the risk of needing long-term care and 3% have savings to meet such costs. Consumer Intelligence conducted online research of 2,531 adults.
The average estimate of how much savers expect to pay for long term care is around £67,000, £5000 less than the government's planned care cap. However 55% of over-50s either had not thought about the costs or didn't know how much they would be.
Around 5% expect to have to help fund their parents long-term care needs too. When it came to government funding 25% thought the state would help to meet such costs.
Life expectancy for a man at 65 is 18.6 years, with only a healthy life expectancy of 9.2 years. Women will live on average 21.1 years more and have 9.7 years of healthy life on average.
Dominic Grinstead, managing director of MetLife UK, said, "The Government pension reforms have created the conditions to enable consumers to adapt to the new retirement reality and the challenges of increasing longevity.
"Long-term care is part of the new retirement reality and the research shows many are thinking how they can fund care if they need it. Innovation in retirement income solutions will be needed as well to enable people to make the best possible use of the pension flexibility on offer."
