'Big gap' - Fears as 'worrying number' of over 60s plan to use state pension to fund care
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.
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.
