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Care costs a top concern for over 55s working beyond state pension age

New research1 from Canada Life reveals the cost of care is a top concern for a large number of over 55’s who are planning to work beyond their state pension age.

Of the third (37%) of over 55s who say they will work beyond their state pension age, a fifth (20%) say this is due to concerns over the cost of long-term care – scoring within the top five factors of what those who are likely to work beyond their retirement age are concerned about.

With the average cost of a care home sitting at around £32,000 a year2, and one in four people requiring some form of care into old age3, worries continue about the financial implications, despite a cap on costs being introduced later this year4.

Alice Watson, Head of Marketing Communications, Canada Life UK commented:

“Despite a cap on costs being introduced later this year, people are still concerned how they might be able to bridge the gap between their own financial position and the potential cost of care. This concern may be due to the personal experience of those who have worked within the current system with their relatives.

“It’s also worth remembering the cap on costs doesn’t include all the costs of care – for example it won’t include rent, food and utility bills. At the end of the day, people will need a holistic plan for potential costs and that’s where the equity stored in their property can play a crucial role alongside other financial assets.

“The area of long-term care is complicated and navigating the rules is challenging, so it’s always worth enlisting the help of a financial adviser who specialises in this area as well as chatting through any decision with family members. Engaging early can help to ease concerns and ensure your financial plans remain on track.”

 

ENDS

Enquiries:

Press enquiries should be directed to:

Amelia Graham, Vested, 07393 477057, canadalife@fullyvested.com

Paul Keeble, Canada Life, 07833 085387, Paul.Keeble@canadalife.co.uk

 

Notes to editors:

  1. Source: Survey conducted by Opinium among 2000 UK adults between 21 - 25 October 2022.
  1. Source: https://www.unbiased.co.uk/discover/personal-finance/family/long-term-care
  2. Source: https://www.sjp.co.uk/news/what-are-the-chances-youll-need-long-term-care-one-day
  3. Source: https://www.gov.uk/government/publications/build-back-better-our-plan-for-health-and-social-care/adult-social-care-charging-reform-further-details

 

About Canada Life:

Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.  Great-West Lifeco has over 30 million customers worldwide and £1.341 trillion assets under administration (as at 31.12.21).

Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (UK) Limited, and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.

Stonehaven UK Limited, trading as Canada Life, is a subsidiary of The Canada Life Group (U.K.) Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered number: 05487702. Registered office: Canada Life Place, Potters Bar, Hertfordshire, EN6 5BA.

 

www.canadalife.co.uk