People in the UK are underestimating the cost of elderly care by £7bn each year, according to Scottish Widows think tank the Centre for the Modern Family.
On average UK adults estimate care costs to be £549 per week, however in reality costs are more like £866 on average for a place in a nursing home, the body said. The pension provider said the deficit could be "significantly higher" in reality, as one in four people admitted they had no idea how they would cover the cost of care for themselves or a relative. Just 15% of people are saving money on a monthly basis to pay for their own care but almost half (49%) of those surveyed said they avoided...
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