Omnium Wealth Management

Homeowners reluctant to sell their house to cover care costs

A survey conducted by Aegon has found that 57% of respondents wanted the family home excluded from any assets they may be required to sell when it comes to covering their care costs in later life. More than two thirds (68%) agreed that the State should pick up at least some of the bill.

Other key findings:

  • 64% wanted the government to impose a cap on the total amount individuals need to put towards their social care
  • Almost a third (32%) said they would be willing to use their pension for funding

Aegon’s findings come in advance of a government Green Paper that will try to determine how much people are prepared to pay towards social care.

Steven Cameron, Aegon’s Pensions Director, said: “People are very reluctant to sell their home to pay for care, but, given so much of people’s wealth is tied up in property, it is hard to overlook it. Pensions are the most popular option and they are well suited to the task.”

“We’d encourage the Government to think about offering people incentives to ring-fence part of their pension for later life to pay for care should they need it.”

Get in touch

Talk to one of our experts about funding care costs on: 01483 205890

 

Interested in finding out more? Read our guides:

      Guide to Planning for Retirement      

      Providing for the Next Generation    

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