Britons miss out on thousands of pounds a year as rising care costs push families to pay £64,000 annually
Care expenses have surged to an average of £64,000 annually
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Britons are being urged to check their care funding entitlements as thousands are forced to dip into personal savings to cover soaring care costs.
A recent survey by Lottie revealed that care expenses have surged to an average of £64,000 annually, placing immense financial strain on families across the nation.
The study found that a staggering 74 per cent of UK families faced challenges when funding care for elderly relatives in 2024.
This comes at a time when the Government is under fire for cancelling the social care cost cap, leaving many families to shoulder the burden of escalating care expenses.
The survey highlights a concerning trend in elderly care funding. Less than a quarter of people receive Government support for care costs, leaving families to bear the brunt of the financial burden.
This lack of assistance has led to a growing crisis, with six in 10 families relying on personal savings to cover care expenses.
An estimated £3.5bn in care-related benefits goes unclaimed annually
Will Donnelly, Co-Founder of Lottie, emphasised the urgency of the situation and said: "Families are struggling, and without stronger support, the pressure on the NHS and vulnerable people will continue to grow. We need a full review of funding and accessibility to care."
Adding to the financial strain is a widespread lack of awareness about available benefits.
An estimated £3.5billion in care-related benefits goes unclaimed annually, further exacerbating the challenges faced by families seeking care for their elderly relatives.
The burden on families is further compounded by caregiving responsibilities.
A staggering 83 per cent of families provide unpaid care before turning to professional services. With an ageing population and limited Government support, this growing responsibility highlights the urgent need for stronger resources and assistance.
The financial strain on families seeking care for elderly relatives is becoming increasingly severe. With care costs surging to £64,000 annually, an eight per cent increase in the last year, 65 per cent of families are now using personal savings to fund care.
This reliance on personal funds is exacerbated by a lack of awareness about available benefits. One in five care seekers are unaware of the financial support they may be entitled to, resulting in an estimated £3.5bn in unclaimed benefits each year.
Donnelly said: "Planning ahead allows families to explore a wider range of care options and financial solutions, resulting in better outcomes and peace of mind."
Experts urge families to seek information about available benefits and to consider long-term care costs in their financial planning to avoid the stress of rushed decisions under pressure.
Donnelly emphasised the need to normalise conversations about care within families and communities.
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He continued: "We must break down the barriers preventing open discussions about future care needs.
"Talking about care should not be taboo - it is essential for preparing for a fulfilling future for our ageing loved ones and avoiding unnecessary stress and costs."
Since its launch in July 2021, Lottie has assisted hundreds of thousands of families in finding suitable care solutions, providing expert guidance and resources to support informed decision-making.
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