The report, entitled ‘Solving the social care funding crisis: perspectives on the contribution of property wealth’, was published with Pure Retirement and My Care Consultant, and noted that 63% of over 50s are now concerned that care is too expensive.
In addition, 64% believe there is a lack of pubic funds towards care and 57% outlined that it is not fit for purpose.
Three in five (60%) of over-50s said they are fearful of having to move into residential settings.
The data shows that the determination to receive care at home rises with age, increasing to 76% among over-70s.
Furthermore, 22% of adults are unaware that many people have to contribute to social care costs in later life, rather than being free at the point of use like most NHS services.
It is estimated that half of the population have not considered how they will pay for long-term care needs, and only 18% have made any provisions for this.
Looking to the over 50s age group, just 12% have put plans in place to fund later life costs.
The council’s research also suggested that 47% of UK adults feel state funded care should be available for everyone to access.
Meanwhile, 40% believe care should be completely free at the point of use, while only 4% believe care should be completely self-funded.
The report also noted that 5.5 million people and their families, 10.2%, have had to use their own income or savings to pay for a parent or elderly relative’s care
An estimated 8.6%, 4.6 million people have had to provide care within the family due to financial pressures and 4.1 million, 7.7% of people and their families have had to sell a parent or elderly relative’s home to pay for care needs.
It also revealed that four million, or 7.5% of people, have had to compromise on low quality care for a parent or elderly relative because they could not afford any better.
David Burrowes, chairman of the Equity Release Council, said: “The country is crying out for a care funding plan that is fair for all and sustainable in the long-term.
“We welcome the government’s commitment to progress social care reforms this year to help people live independent lives for longer.
“With this issue firmly back at the top of the agenda, we urge government to bring forward solutions that can make state-funded care available to all, up to a point, with people using their own funds and assets to top this up where needed.
“We also need to ensure that care provision can support people’s desire to have their needs met in the sanctuary of their own homes.
“Property wealth can play an important role in resolving this generational crisis.
“The ability for people to access some of the money tied up in their homes can help realise their ambition to live there independently for longer, by funding extra homecare services, new technologies or making home adaptations.”
