This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

Over-50s lack awareness of LTC costs

  • Print
  • Comment

The over-50s are hugely underestimating the costs of long-term care, according to new research from Partnership.

Consumer research by the provider shows 63 per cent estimate LTC costs will be less than £30,000 a year while 36 per cent predict it will cost less than £20,000. Partnership says the typical costs of LTC can exceed £50,000 per year.

The research shows 53 per cent would be willing to sell their home to finance their care but only 4 per cent would consider contacting an IFA for advice on funding LTC.

Prudential managing director of care Chris Horlick says: “IFAs are not on the radar when it comes to this area. If people are not properly prepared, they could run out of money and have to fall back on the state.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


Are you prepared to process insistent client business?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments