Home Instead survey finds families financially exposed by not planning care for elderly relatives
A survey by national home care company Home Instead has revealed that thousands of families in the UK are leaving themselves badly financially exposed by not planning how to look after elderly relatives.
Research by the firm, which specialises in providing care and companionship in the home for older people, found that almost half of all family carers have no financial plan in place with almost a third knowing nothing about probate and similar numbers having no power of attorney for elderly parents/relatives,
This lack of planning could end up being financially devastating for many hard working carers and their wider families.
On top of this a lack of choice in how to fund social care is making a difficult situation much worse for many. Home Instead believes future Governments must do more to help provide different options for families struggling with finances and must play a central role in protecting people against the costs of social care.
Other countries have different approaches to providing this social protection – some offering more comprehensive long-term care services funded primarily through taxes (such as in Sweden). Others have dedicated social insurance schemes covering most or some care costs (such as in Germany). More comprehensive approaches give everyone a stake in the services on offer.
Home Instead’s snapshot study of the state of the voluntary care sector also shows that half of all family carers know little or nothing about the social care market generally and 53 per cent know nothing about potential private options.
The state and employers should do more to help family carers, the survey found, with 77 per cent believing that subsidised elder care would ease the burden and 81 per cent saying employers must make allowances for employees who care for older relatives.
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.”
The survey also revealed that 78 per cent thoughts that some form of parental or grandparental leave should be introduced as standard. As a society and as individuals, 83 per cent thought that we should also actively plan for old age to relieve the burden on the next generation.
Nearly half believe we should be taxed throughout our working lives to pay for elder care, while 84 per cent believe that better policy around care would help preserve the financial, mental and social wellbeing of multigenerational carers.
There are an estimated five million plus people providing unpaid care in the UK but they are given minimal support from the government or local authorities and so find themselves increasingly struggling, without understanding the other support available to them in the market.
The problem is set to get worse as our ageing population grows – there are now more people aged 65 and over in England and Wales than children aged under 15. The number of people aged over 64 has surged by 20 per cent over the past decade in England and Wales, to 11.1 million people. Nearly one in five people are aged over 65.
Concerned about the scale of the problem facing this under-acknowledged group, Home Instead stated that it launched the Take Care campaign to spark a much needed debate about the pressures this segment of society is under and what can be done to support them.
