Elderly 'more willing to contribute towards paying for care'
Posted on 22 February 2011
When it comes to paying for care, most elderly people are willing to provide the funding for their own long term plans, a survey has revealed.
The study by annuities provider Partnership discovered that 59 per cent of older people would be willing to make a contribution towards their own care.
Partially, the shift in attitudes is due to how comparatively well-off many elderly people are compared with the younger generation, having benefited from higher house prices, cheaper university education and better pension schemes.
Chris Horlick, managing director of care at Partnership, said the research demonstrates that people are prepared to move away from a reliance on total government funding.
It also signals that the elderly "are responsible and are prepared to change their attitudes to ensure that the youngest in our society - who have significant debts - do not shoulder the full burden for funding their care", he added.
Earlier this month, February 8th marked Baby Boomer Day - the 65th birthday and time of retirement for many people conceived during the VE Day celebrations.