Irwin Mitchell Experts Say Later Life Planning Vital
A new survey has revealed when it comes to care home fees, over half of adults in the city of Sheffield think their family will be expected to pick up the tab.
A new YouGov survey, commissioned by Sheffield-based law firm Irwin Mitchell, looked at five of the biggest cities in the UK and, in a reversal to the ‘Bank of Mum and Dad’, 51% of Sheffield adults expect to see their family fund long-term care for them against a national average of 47%.
The city also has a heart of steel compared with its West Yorkshire rival Leeds, with 72% in Sheffield looking to pass money onto their children in later life compared with 77% in Leeds.
Sheffield adults also came top (56%) among those not saving for care home fees with no plans to do so, while 76% admitted not knowing the average cost of care homes fees for a year, painting a worrying picture of South Yorkshire’s attitudes to care home fee planning.
The poll did reveal that almost two fifths of people (39%) in Sheffield would consult with a lawyer before signing a care home contract. While more than any other city surveyed, this still leaves 61% in the steel city content to seek advice elsewhere; from friends, television, the internet - or not at all.
The survey showed a national crisis across the board when it comes to care home fee planning, with 80% of the country not currently saving for any fees in later life, leaving expert lawyers at national law firm Irwin Mitchell concerned for the future.
Expert Opinion“Sheffield attitudes are a serious cause for concern. Annual care home fees can be in excess of £44,000 and with two thirds of people in the city unware of the facts, the survey shows the need for urgent debate on the topic.
“If unaddressed we could be sleepwalking into a social care crisis in the future, with people either unable to fund care, being forced to use their assets to do so or agreeing to poor care home contract choices by not seeking professional advice.
“With young people facing an unprecedented squeeze on finances, it is unlikely they will have the means to fund parental care. Facing realities now can minimise the distress caused by financial decisions that too many of us are either blissfully unaware of, or are putting off for tomorrow, rather than face today.”
Gillian Coverley - National Head of Partnerships, Wills & Probate