Tim Horrocks, Head of Quilter Cheviot Investment Management’s Leicester office, said: An extra £650m of grant funding has been made available for English authorities in 2019-20 for social care in yesterday’s budget; this news comes ahead of the government’s much anticipated green paper on social care which we hope will provide clarity on the care funding options available to the wider society. Our research shows there is little understanding among Leicester adults of what is required to support an elderly parent or family member that is struggling with their physical or mental health in later life, and this is further exacerbated by the alarming gap when it comes to expectation and reality on retirement savings and the cost and duration of this care. When asked about how much a UK care home costs per person, 25% of Leicester respondents believe the average cost to be between £1,000-2,000 a month, 27% believe it’s between £2,000-3,000 a month; while 24% estimate it to cost between £3,000-4,000 a month.*
As bespoke wealth managers, we have a unique perspective on helping people structure their investments and plan for a number of scenarios in later life. Addressing the possibility of having to fund the cost of a residential care home is not an easy conversation to have with family members but one that is crucial to ensure they have best standard of care and quality of life in good and ill health.