The proportion of people who would be happy to reduce their assets below the £23,250 threshold in order to ensure the state pays for the majority of their long-term care has almost doubled over the last year from 23 per cent in 2013 to 41per cent this year.
With an estimated 150,000 entering care each year, specialist insurer Partnership suggests this could see councils shouldering up to an additional £1.58billion burden in England alone if all of those who say they intend to spend their wealth do so.
Councils in the south east and north west are likely to feel the greatest impact due to the relatively high number of care homes in those regions. However, people in the east midlands, 53 per cent are most likely to say they would spend their wealth and fall back on the state for support.
Thomas Kenny, head of technical pricing at Partnership explains: “Despite the introduction of a proportion of the Care Act in April 2015, 61 per cent of over-45s are still confused about how the care system works, who funds it and how much it costs. With some viewing long-term care as a service that the state should pay for, you can see why they might think that they would rather spend their assets or give it to their families to avoid paying these bills.”