Cost of Care – August 2017
The Cost of Care is the first chapter to be published this year by Scottish Widows’ think tank, The Centre for the Modern Family. This chapter explores the growing pressure on families and individuals to provide support to elderly relatives in need of practical and financial care.
The research reveals that people in the UK are underestimating the cost of elderly care by £7bn every year. More worryingly, the deficit could be significantly higher in reality, since one in four (25%) people admit they have no idea how they would cover these costs for themselves or a relative.
So to what extent are families in the UK prepared – both emotionally and financially – to provide care for themselves or their families?