Care Costs ‘Are Big Financial Burdens’ For Brits
Topics: care, costs, financial, burden, britons, finance, credit, loans, secured, cheap, low, cost, personal, loan, apply
The expense of keeping an elderly relative in care is on track to rise dramatically, according to recently-released figures.
According to a study released by Saga, it was claimed the typical cost of a four-year stay in a care facility is set to approximately double over the next 20 years. Currently standing at 112,312 pounds such fees are to hit at 223,476 pounds in two decade’s time. The increase was attributed to inflationary rises – which are at a current rate of 2.5 per cent – and fees of care home, going up by 3.5 per cent.
For those consumers who are already struggling with their finances, such an increase in care costs could put pressure on their capacity to manage other demands on their spending. Such areas may well include personal loan repayments, credit and store cards, utility bills and mortgage costs.
The organisation went on to point out that paying for care may be the “biggest financial burden” many Britons face. Putting the figures into context, it stated that the average property currently costs 181,810 pounds – the equivalent of three years’ care for a couple.
It was also claimed that many of those who are paying for the care of a loved one do not seek guidance from qualified financial advisers. As a result, the firm suggested that an unawareness of the various options which are available to them, such as state benefits, could result in “devastating” consequences should their relatives have to move out of a home that they feel settled in due to a lack of money to pay for care fees.
Commenting on the figures, Andrew Goodsell, chief executive of the Saga Group, stated: “Those faced with funding care now will already know the extent of that financial burden, however preparing for the future cost of care is an issue few people want to consider. With the cost of funding care expected to consistently increase above inflation, it’s critical that those already paying for care, or those planning for the future ensure they take advice from a fully qualified adviser.”
In addition, it was claimed that life expectancy levels are increasing, with the average 60-year-old woman expected to live for another 29 years. Meanwhile, a man of this age is set to be alive for a further 26 years. At the moment just under a fifth (17 per cent) of those over the age of 85 are in need of long-term care, although it was suggested that more consumers may require such support in the future.
Britons looking for a competitive way to fund keeping an elderly relative in a care home facility may wish to consider taking out a UK personal loan. By taking out this type of loan it is possible for borrowers to meet the expense for looking after a loved one quickly and effectively, leaving them with affordable low-rate monthly repayments to make.
A cheap personal loan may also be of assistance for consumers looking to get their finances back on track, although it may be advisable for prospective borrowers to be honest about their intentions. Earlier this year, research carried out by Abbey Loans indicated that 1.35 UK loans have been taken out in secret. Worth a total of 7.7 billion pounds, the average loan was indicated as standing at 5,720 pounds per person. Over half of such borrowers were shown to be using a loan to consolidate their debts.
Abbi Rouse writes for All About Loans where visitors can apply for a loan online and also focuses on adverse credit loans , and loans for consolidating debts for UK Homeowners. Visit today www.allaboutloans.co.uk
Previous Articles Highlighter:
Getting Serious About Accounting Software Selection (1)
This puts the company at risk and sets up one of their most important projects for failure! To be upfront, accounting software failure is never the fault of the software.
France; The Perfect Destination For Activity Holidays (2)
Activity holidays in this region are heavily water based and tourists, whether expert or amateur, excitement is only around the next bend in the river. For those who like to kayak, France is the perfect destination; getting a group together and going on a trip is sheer bliss.
Learn The Basics Or You'll Be Chasing Your Tail Forever (3)
When I first started online in 1997, there were very few tutorials. There were no forums. I had to learn almost everything through trial and error. I spent at least 10 hours per day learning how to use Microsoft Word, FrontPage, Photoshop, and WSFTP.
Discover The Little Inn, Newport Beach (4)
The nearby restaurants to the Little Inn by the bay include Blue Water Grill, Billy's at the beach, Rusty Pelican, Charthouse, and many more. Offering everything from seafood to Japanese food, the Little Inn ensures that there is food in the area for many different tastes.
How To Secure Cheap Car Insurance (5)
Topics: car insurance There is definitely a need to have a new car insurance if you have just acquired a new vehicle. A car insurance is somehow more of a protection if ever the vehicle would be involved in several troubles in the future.
How Management Training Will Bring You Success (6)
If your staff members give their full efforts to their work then there is nothing that can stop you being a success. The first way in which you can improve the motivation of your employees is to have knowledge of motivational theories.
Launch Redundant Searches For Cost-Reduction Solutions (7)
The vehicle manufacturers could provide futures hedging services to owners that fix the rate paid for gasoline and diesel fuel. If a vehicle manufacturer wanted to do provide such services, the organization should also explore whether an integrated petroleum company wanted to provide a similar product.
Which Television Should You Buy: Plasma Or LCD? (8)
After considering these differences between the two types of flatcreen televisions I would suggest picking the best kind for your situation and finding a low price. Good luck on your purchase!
Email Marketing Software Empowers Businesses With ECoupons (9)
If special promotions can drive foot-traffic, then they can absolutely increase web traffic as well. Large quantities of online retailers have begun using email marketing software to ease the transition into the online business world.
How To Impress Potential Business Investors (10)
Even with the best business plan if the product has a very limited customer potential base, and lacks the possibility for repeat business most investors will not look upon your plan favorably.
Newer Articles Highlighter:
Rider And Horse Facts: How To Maximise Equestrian Confidence By Exercising Your Mind (1)
Breathe Deeply, consciously and regularly. There are even different types of breathing exercises that you can do. Breathing gets oxygen to your brain so that you can think clearly, but it also calms you down, relaxes you and maximises your riding confidence.
Do You Have Enough Money To Retire (2)
But there is a way to take it to the next level and that is to actually start putting some flesh and bones on your vision of your retirement and get a feel not only for the fact that you will retire but how you expect to live in retirement.
Life With Braces In Aurora (3)
Try to eat softer, more manageable foods that will help you chew softly. If you don;t, you will definitely be in pain. Softer foods such as tuna or chicken might be good options to begin with until you grow accustomed to your braces.
Levels Of Retirement Planning That Can Work For You (4)
Above all it is important to embrace the retired lifestyle with the enthusiasm and excitement that you might greet any new opportunity. Do not let being retired mean just not working.
How To Safely Handle And Store Candles (5)
Container Candles Use the same burning rules as with Pillar Candles. That way you can get the most out of the candle, both in burn time and in aroma.
Wedding Day Hair Styles For Men (6)
If you are normally a slicked back type of guy, take a tip from Tom Cruise and let your short/medium length hair fall forward on your face, using a professional quality molder matte texture cream.
Proper Adult Brace Care In Arvada (7)
Once your mouth feels particle free you should rinse a couple of more times for good measure. Pay attention to the metal hooks in the front and sides. Make sure that you are not leaving any under the brackets as this can lead to some bad things.
Accounting Software Selection: The Five P's Of Success (8)
The truth is, it's not the software evaluation itself that's the problem. The real issue is that most people don't know what they're looking for so frustration and impatience sets in.
Short Sale Goldmine - Step-By-Step Process (9)
The wise investor will make hundreds of thousands of dollars in the next few years. What you see today will not be here five to ten years down the road.
Where To Get A Video Games Distributor: Client Feedback (10)
Those are, Wholesale Central, Wholesale DIR and now growing bigger than ever - Wholesale Hub. You can type these names in the search engines in chronological order and there are big possibilities that spending an 1 hour on such specific distributors and researching them, will be as prudent as getting a cup of tea in every beautiful morning.
Permalink to Care Costs ‘Are Big Financial Burdens’ For Brits