Consumers are increasingly aware of how much a care home costs but unaware of funding issues, according to research.
A poll from the Equity Release Council found the majority of respondents (82%) were not aware of how the social care White Paper will affect the amount they will need to pay for care despite broad press coverage.
Andrea Rozario, director general of The Equity Release Council said: "Although people appear to be fairly realistic about the cost of a care home, a surprisingly large proportion was not aware of the implications of the social care White Paper."
The remaining 18% felt consumers were only aware of the White Paper's implications in a "general way".
Although, the paper did not answer the question of funding, the Council were concerned people did not realise such a release could impact on future care fees.
However, over half (51%) identified care home fees would cost over £30,001, while a third (34%) estimated a year in a care home would cost would between £20,001 - £30,000.
According to the latest research from Prestige Nursing + Care, the average yearly cost of a care home is £27,404.
Yet, two-thirds of people (62%) still believed long-term care would be funded by a combination of the state and pension while a third (29%) felt individuals would be responsible for the cost.
