Families left financially devastated after not planning for elderly care
Home Instead have revealed almost half of family carers have no financial plan in place with almost a third admitting to knowing nothing about probate.
Professional home care service, Home Instead have published new research about the readiness of people to look after their elderly relatives. Although taking on such a role can be described as nothing short of selfless, the research highlighted that families may not be financially prepared enough.
Experts found 46% of all family carers have no financial plan, 27% know little or nothing about the legal implications of dealing with someone’s possessions and 29% have no power of attorney for elderly parents/relatives.
These statistics have prompted home Instead to call upon the next government to do more to provide alternative options for families struggling with money and must play a central role in protecting people against the costs of social care. The organisation have drawn on examples from other countries who seem to be doing a better job in supporting carers. In Sweden authorities are offering long-term care services funded primarily through taxes and Germany have dedicated social insurance schemes covering care costs.
Martin Jones, Home Instead CEO UK and International, said: ‘It’s alarming but perhaps not surprising that not enough of us plan financially for how to cope with ageing parents and other relatives. We all live busy lives and we often don’t think about these things until we’re faced with some sort of family crisis. By then it’s often too late.
‘Thinking ahead and knowing the options available to you is crucial. But a broader change in the system at a government level is also required. Fundamental reform in social care funding will provide greater protection and greater choice and must become a priority for future governments.’
Other key findings from the data include:
- 78% of the people surveyed believe some form of parental or grandparental leave should be introduced as standard
- As a society and as individuals we should also actively plan (83%) and save (73%) for old age to relieve the burden on the next generation
- 46% believe we should be taxed throughout our working lives to pay for elder care
- 84% claimed we need a better policy around care which would help preserve financial, mental and social wellbeing of multigenerational carers
These figures couldn’t have come at a better time as the latest figures from the Office for National Statistics show there are around five million plus people providing unpaid care in the UK but they receive minimal support from the government and councils.
As well as producing these new figures, the home care provider have also commissioned a short film based on interviews with representative real life family carers. The film is an unapologetically raw exploration of what day to day life is like for millions of multi-generational carers across the UK.
Image: Pixabay
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