The ‘care crisis’ has become a media catch phrase. We’re all well aware that an ageing population is making the cost of retirement soar. Pensions need stretch further across both years and people, while the cost of care home residency continues to rise. All at a time of fiscal tightening.
But recent research by market researchers Mintel indicates that over one third of Britons aged 75 and over have given no thought whatsoever to paying for the cost of long-term care.
The cost of care crisis
The cost per annum of a place in a residential care home is skyrocketing. Research by Prestige Nursing + Care found the average cost has jumped 9.3% in just two years, to £28,367 per year. The average pension is £13,799, less than half. Continue reading