‘Big gap’ – Fears as ‘worrying number’ of over 60s plan to use state pension to fund care

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Over 6 million over-60’s plan to use their state pension to pay for long-term care, according to new research from Canada Life. Over a third (37 percent) of UK adults over the age of 60 say they would use the state pension of just £179.60 per week to contribute towards the costs of care.

The data indicates that equity release is becoming an increasingly popular route to pay for care.

Eight percent of over-60s say they would release equity from their home to cover care costs, up from five percent in 2020.

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The findings also reveal an increased awareness and understanding of equity release and its uses; just four percent said they were unaware of what equity release is.

Alice Watson, Head of Marketing, Insurance, Canada Life commented on the findings.

“However, there are still a worrying number of people who haven’t and think their state pension will be enough to foot the bill,” she said.

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“We must continue to encourage people to think about their wants and needs at the different stages of retirement and have these conversations early on, no matter how daunting they may be.

“Not only is it important to discuss plans with family members, but speaking to an adviser is a sensible first step.

“These professionals can help highlight how different financial products can be used to meet the needs of an ageing population, whether that be through their property, pension, or a blend of the two,” she explained.

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