Over-45s back selling homes for care
Currently just a third (33%) of people plan to rely on state funding, the lowest proportion in three years. Comparatively in 2012 51% expected to rely on the state.
Almost half (47%) went further, adding that the state should not help people who can meet costs with their savings.
As many as 35% plan to sell their home to pay for care, while 11% are contemplating renting it out.
For those who cannot afford care costs, 79% said the state should still pick up the bill.
Thomas Kenny, head of technical pricing at Partnership, said: “With a rapidly aging population and an estimated 150,000 entering care each year, taxpayers simply can’t afford to meet these costs for everyone.
“So it is good news for the country that people are increasingly expecting to meet some of the costs themselves and for others to do the same. This means that the state can focus on helping those who are most vulnerable and in need of state support.
“That said, £28,600 is a large amount of money for anyone to find – especially for those who are on a fixed income as many retirees are.
“Therefore, the choice to sell their home may well be the best one for their circumstances but we would advise anyone who is facing this choice to get specialist financial advice to help them to make the most of their assets.”