Two-thirds of the over 75s are delaying financial planning for later life care due to uncertainty over social care policy, financial services business Just Group has warned.
The retirement products specialist said a further two million people could join them in delaying financial planning in the next five years if social care reform is not clarified.
The research found that 68% of over 75s, or around 3.8 million people, said they were awaiting government clarity on social care policy before making plans for any residential care they might need. Just Group warned they could be joined by an extra 2.25 million of those over 75 by the time of the next election when PM Boris Johnson has said a new plan may be in place.
Stephen Lowe, group communications director at Just Group, said: “There have been at least nine White Papers, Green Papers and consultations on the care system in the last two decades – but no tangible progress. It’s easy to see why people delay their plans. A little less talk and a lot more action from government is what is required.
“Nobody really wants to think about becoming frail and vulnerable – but making plans for that eventuality when you are fit and healthy is certainly the best approach.
“Doing so avoids having to make ‘cliff edge’ decisions, often with limited choices, at what is an intensely stressful time. Yet, the government’s complete lack of clear policy on this issue is exposing millions of people to this risk.”