A new report by LV= shows as life expectancy in the UK increases, the number of people that will need to make use of formal long-term care services will increase by 1.1 million, an increase of 37%
A number of factors are contributing to the rising cost of long-term care:
- Women are working later in life when they traditionally would have provided care
- Families are increasingly living further apart, lessening the option of care within the family
- Rapid increasing elderly population putting pressure on the infrastructure of care services and driving up cost
Nearly one in five adults believe they will have to fund the cost of their own long-term care in the future and when asked, nearly a quarter said they would use their property either through equity release, remortgaging or selling their home. Just under a fifth said they would use savings or their pension income.