View more on these topics

UK not prepared to handle social care costs says research

Pension-Pensioner-Elderly-Older-People-700x450.jpgThere is a worrying level of uncertainty among adults when it comes to saving for professional care for their parents in later life, according to research.

A study conducted online by YouGov for Quilter Cheviot Investment Management surveyed 1,525 UK consumers aged 18 or over with a minimum of £100,000 of investable assets and living parents.

It finds 61 per cent of adults either do not think their parents will need to spend time in a care home or do not know if their parents will need to.

The study also shows an alarming gap between what people expect to pay for social care and how much it actually costs.

Just over a quarter (27 per cent) of respondents believe the average cost to be between £1,000-2,000 a month.

Twenty four per cent believe it is between £2,000-3,000 a month while 19 per cent estimate it to cost between £3,000-4,000 a month.

According to Which? research, in 2016-2017 the average weekly cost of a room in a residential home in the UK was £606 or £2,424 a month while a room in a nursing home cost £802 a week or £3,208 a month.

Quilter Cheviot client services director Pamela Reid says: “This news comes ahead of the government’s green paper on social care which we hope will provide clarity on the care funding options available to the wider society.

“As bespoke wealth managers, we have a unique perspective on how to help people structure their investments and plan for a number of scenarios in later life.

“This can include plans that address the possibility of having to fund the cost of a residential care home.

“It is not an easy conversation to have with family members but one that is crucial to ensure they have best standard of care and quality of life in good and ill health.”

Recommended

Cold-call ban and social care funding top of advisers’ post-Brexit priority list

With all eyes on the UK’s withdrawal from the EU, advisers want to see that important issues affecting UK savers and investors are not being sidelined, new research shows. Theresa May recently reiterated her motto that “no deal is better than a bad deal”, stating that the EU’s offer of a Canada-style free-trade agreement is […]

1

The true cost of leaving a DFM

Exit fees can mean advisers are hit with high and unpredictable costs, but are they justified?   Many advisers have been caught out with the unexpected burdens that come with trying to leave a platform, and an increasing number of them are looking into the potential pitfalls that exiting discretionary fund manager services could bring as […]

The future of active management is now

Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com