The Institute and Faculty of Actuaries (IFoA) has published its report "Who cares? Exploring attitudes toward social care in the UK. It examines the UK public’s attitudes towards saving for long-term care in retirement. The survey found that:
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64% of UK adults think the individual covers mostly that social care, yet 77% have taken no steps to prepare for long-term care needs.
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Over half (57%) have limited or no understanding of how the social care system works.
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Most (61%) are not confident that they will be able to cover the cost of long-term care.
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The perceived annual cost of care is high, with 38% of respondents providing estimates predicting homecare costs would be at least £50,000 per annum.
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Caregiving burdens are significant, with 38% of respondents providing or expecting to provide unpaid carer support, and 25% of current carers dedicating over 40 hours weekly.
The report suggests several targeted actions for policymakers, educators, employers and financial institutions to improve preparedness, including:
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National Awareness Campaigns: These should focus specifically on the cost of care and the importance of early planning.
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Regulatory Clarity: Simplification and publicising of the rules distinguishing between state and individual funding for social care are necessary.
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Planning Tools: Development of accessible, government-backed calculators and AI tools for care forecasting.
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Financial Products: Promotion of long-term care insurance, tailored to older adults with clear, jargon-free explanations.
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Home Equity: Providing guidance and incentives to support downsizing and equity release strategies for funding care.
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Community Education: Expanding education for older adults to help them understand local care options and funding mechanisms.