Capital Lags Behind On Reality of Care Home Costs In Later Life
A knowledge gap exists between London and the rest of the UK when it comes to care home costs in later life, a new report suggests.
New YouGov research commissioned by law firm Irwin Mitchell shows 77% of Londoners are unaware of annual care home fees for one person, per year; seven percent higher than any other region of the UK.
19% of Londoners admitted they have no idea how care homes are funded, when compared with a UK average of 12% and more than any other region.
Half of Londoners would turn to friends and family for advice before signing a care home contract (46% average) and perhaps unsurprisingly, the tech savvy capital tops the Google search stats with 37% using a search engine to seek such advice, both the highest polled.
Over half of Londoners surveyed (52%) are not saving for care home fees and have no plans to do so, despite the capital being the most expensive area for care home fees. The average cost of a care home in the UK can be as much as £511 a week (£26,572 a year) in the North West; but rises to £741 a week or £38,532 in the capital.
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“The poll reveals a surprisingly high level of ignorance in London regarding care home fees in later life and exposed a worrying north/south divide.
“The capital is the most expensive place to obtain residential care, yet paradoxically, the place adults admit they know the least about the cost. Londoners would also go online or ask family before seeking professional advice on serious issues like care home contracts.
“Greater awareness is needed in all UK regions when it comes to care in later life but London coming bottom in so many aspects of the survey is a real cause for concern, especially considering the ageing population crisis we’re facing.” Kelly Greig - Partner