Brits may struggle with paying for care 'through lack of savings'

Posted on 09 June 2011

Half of Brits are failing to save adequately, according to new research, so may face problems in the future when paying for care.

Three-quarters of those polled by Scottish Widows recognise the need to save for the future, whether to fund exuberant trips abroad or support a loved one by paying for long term care.

However, many are not saving enough and a fifth are making no provisions at all for their retirement.

The research revealed that the average Brit wants £24,300 a year to enjoy a comfortable retirement.

Commenting on the findings, Scottish Widows head of pensions market development Ian Naismith explained: "This year's report clearly illustrates the stark difficulty we face in helping people to recognise the urgent need to take personal responsibility for their future.

"We need a step-change to overcome this ingrained inertia and help people prepare for their retirement."

Earlier this month, charities called on the government to start taking action to reform Britain's social care system.

In a letter seen by the Daily Telegraph, key industry figures said that the time for political debate had past, underlining the need for improved provision of services.

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