The new polling from Promedica24 reveals that just 37% of people in the North West are planning on self-funding their future elderly care, one of the smallest percentages out of every region in the UK, with London coming in the highest at 60%. Nationally, 42% of Brits are planning on self-funding.
Instead of self-funding, people in the North West think they will have to rely on support from their local authority (42%) and support from their family (30%). These findings suggest significant anxiety about the social care system.
Amid growing concern over the affordability and accessibility of support, 38% of adults in the North West would consider relocating abroad for better elderly care. Worryingly, 1 in 4 (25%) also stated they would be willing to sell their home to pay for their elderly care, reflecting the extent to which social care is viewed to be unaffordable by many.
There are also gender discrepancies when it comes to financing elderly care, highlighting financial and attitudinal gender differences in care planning. Nationally, 47% of men said they would self-fund their social care costs, compared to 37% of women, and 31% of men stated they would be willing to sell their home to pay for their elderly care, compared to just 24% of women.
Care costs have been steadily rising, and this is driven largely by minimum wage increases, as well as the UK’s growing older population, with almost one in five people now aged 65 and over. As the UK’s population continues to age, Promedica24 urges the public to start the conversation about elderly care today and ensure they are adequately planning ahead for their future.
Jonathan Hayley, Franchise Partner at Promedica24 Wirral and Cheshire East, said: “Our research highlights a growing anxiety around the affordability and accessibility of elderly care in the North West, with just over 1 in 3 saying they will be able to self-fund their care. We need more open conversations about the options available, including live-in and hourly care, so that families can plan ahead with a realistic understanding of both the costs and the choices they have.
“At a time when pressure on the social care system continues to increase, raising awareness of flexible care models is more important than ever. It’s essential that people understand the alternatives available so they can make informed decisions about their future.”