A significant number of UK adults are deeply concerned about how they will afford care in later life, with many feeling unprepared and unsure of their options, research from Vitality has revealed.
According to the findings, over half of adults (51%) lacked confidence in their ability to meet the cost of social care in retirement.
This figure rose to nearly two-thirds (61%) among those aged 55 to 64, highlighting growing insecurity among those approaching retirement.
What’s more, nearly half of adults (48%) believed that even if they started saving now, the cost of care would still be unaffordable.
When asked how they plan to fund any care they may need, responses varied, with a third (33%) planning to use their savings and a quarter (26%) relying on their pension.
Some respondents, 16%, intended to sell their property to cover these costs, while 12% have taken out or plan to take out an insurance policy specifically for this purpose.
A smaller, but not insignificant, 11%, believde the state will cover their care costs, and 10% expected their family to bear the financial burden.
Notably, 16% of respondents were unsure how they will manage any care expenses, and 17% said they have not thought about it at all.
In light of this, Vitality highlighted the usefulness of Serious Illness Cover, with Dementia and FrailCare Cover included as standard, as it offers advisers an opportunity introduce in early planning conversations, especially for clients concerned about age-related conditions.
Justin Taurog, CEO of VitalityLife, said: “Despite rising anxiety about how to fund care in later life, too few people are having the right conversations early enough.
“Advisers are uniquely positioned to bridge the gap between concern and action – helping clients think ahead, explore their options, and use protection as a practical tool to plan for future care needs.
“Our Dementia and FrailCare Cover has been part of our Serious Illness Cover for some time now, and is automatically included when people take out a plan.
“As awareness grows around the need for long-term protection, it’s becoming a valued feature, allowing our members to extend their cover at the end of their Serious Illness Cover to protect against illnesses prevalent in later life, such as dementia, Parkinson’s and Alzheimer’s.”
