Britons risk old age care cost shock
New research from Bupa has found that Britons may be in for an unpleasant surprise as they get older, due to the fact that they are least likely to think that they will need to save to cover the costs of old age care.
The international Bupa Health Pulse study surveyed over 13,000 people in 12 countries and found that less than one in three (30%) of Britons believed they would have to put aside money to cover the costs of old age care.
Only a third of over 65s had put aside any money whatsoever, with the people of China and Thailand the likeliest to have saved for their old age.
Bupa Care Homes UK Director Oliver Thomas revealed that, on average, an over 65 will need £50,000 to cover care costs, but that 10% will need twice as much.
The survey also found that in most countries women were less likely than men to have saved, which is particularly concerning given their longer life expectancies.
The latest Real Retirement Report from Aviva revealed similar findings, with 67% of 65-74 year olds stating that failure to prepare financially for their retirement was their biggest regret.
Category: Health Insurance News, Insurance News
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