A study by online care support group SuperCarers has revealed three quarters of over 45s are not saving for their elderly care, while on one in 10 are saving less than £50 a month.
The research shows 42% of people aged 45 and over canvassed believe they will be able to finance their elderly care through personal savings with a further 34% saying the state will pay.
Adam Pike, CEO and co-founder of SuperCarers, said: “The statistics show just how little planning is taking place by those aged 45 or over in terms of preparing for elderly care in spite of an ageing population and the reality that four million people will need daily help by 2029.
“Considering the impact of growing old is often put off until it is too late and even though our research highlights there are clear concerns for health in later life, it seems that preparing financially for future care requirements isn’t as high up on the agenda as it should be.”
The study of 1,000 people aged 45 and over, found that 17% did not expect to need elderly care with 13% saying they did not where funding would come from.
Two million people in the UK have a care related need with four million expected to require daily help by 2029.