Public reluctant to pay for care

New research from pension and investment provider Aegon shows public support for a shared deal between state and the individual when paying for care. However,  views differ on how and how much individuals should be required to pay.

Conducted as care providers await details of the Government’s new Green Paper social care funding model, the survey reports that 68 per cent of adults support a shared payment deal. However, when asked for the detail of this model: 

  • more than half (57%) said this should exclude their property from the assets used to pay for care cost
  • some 64 per cent of people support a cap on the total amount individuals should pay towards care
  • 32 per cent support using their pension to fund care.   

Commenting on the findings, Steven Cameron, Aegon pensions director said: “We’d encourage the government to think about offering people incentives to ring-fence part of their pension for later life to pay for care should they need it.”

A total of 1,027 adults took part in the Aegon survey. 

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