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Growing Care Costs

Growing Care Costs

As part of budget 2017, chancellor Philip Hammond announced an extra £2 billion of funding for social care and paved the way for major changes to how people pay for it.

But people in the UK are still underestimating the cost of elderly care by £7 billion every year[1], according to new research from Scottish Widows’ independent think tank, The Centre for the Modern Family.

On average, UK adults estimate that residential care would cost £549 a week – when, in reality, it costs on average £866 for a place in a nursing home – leaving a shortfall of £317 every week[2].

How to meet the costs of long-term care