A comprehensive new report has revealed the point of no return for the elderly care crisis is less than 10 years away.
The research, which was carried out by the Centre for Economics and Business (Cebr), was commissioned by leading national law firm Irwin Mitchell.
An Irwin Mitchell spokesperson said: “With an ageing population looming down on an already stretched elderly care system, and no response from the government on how to tackle the issue, the funding gap will continue to grow and by 2029, the elderly care system will be running out of beds.”
The report forecasts the social care funding gap will increase to £3.5bn in 2024/25.
Cebr also revealed that almost half of councils (45%) have not sufficiently planned for accommodation for their elderly communities.
The report also states that workers will need to save hundreds of pounds more each month in their pensions to cover their care costs, with only 10% of households able to afford nursing.
The Department of Health and Social Care said: “Putting social care on a sustainable footing is one of the biggest challenges we face as a society, and we will be bringing forward a plan this year.”
Former pensions minister and expert on later life issues Baroness Ros Altmann will be hosting a special event at Irwin Mitchell’s London office on Wednesday to discuss the findings.