Scots underestimate the cost of care by more than £1.2K a year according to insurance provider Partnership, which has revealed the results of its first Care Index.
The care annuity firm found that the cost of care is £1264 per year - or over four percent - more than Scots think. The results come at a time when care home fees across the UK are soaring, with the average cost per year of a care home in Scotland estimated at £27,508, and the number of people in care expected to have more than tripled to 1.5m by 2081.
The Partnership Care Index conducted 1023 online interviews with consumers aged over 45, including 100 interviews with those aged 75 and over, to measure attitudes towards long-term care across the UK.
The survey found that Londoners were worst at perceiving the cost of residential care accurately - with an underestimation of nearly 20 percent - followed by those from Yorkshire and Humberside who underestimated the cost of care by 13.55 percent. The South West and East of England were the most accurate regions in the UK in their perceptions of care home costs.
The survey also found that, on average, respondents thought that 41 percent of over 65s would need to go into long term care at some point in their lives for an average of 6 years and 3 months.
Chris Horlick, Partnership’s managing director of care, said: “This is a matter of significant public concern. If people are not aware of the real costs of care they will not plan properly to fund them. This problem can only grow as the oldest in our population, who are most likely to need care, are set to increase significantly.”
Horlick added; “While the average person in residential care will live for two years three months, Partnership’s policyholders live on average for four years in residential care and 12 percent live for eight years or more. If the trend for people in residential care over the next decade is to live for longer terms like Partnership’s policyholders, this will also have a dramatic impact on the costs of care.”