360° Coverage : A million British pensioners trade homes for care

1 Updates

A million British pensioners trade homes for care

Sep 4 2013, 7:24am CDT | by IANS

London, Sep 4 (IANS) Over a million homes in Britain have been sold by pensioners to pay for the rising cost of care, a study has revealed. Also, another two million aged people have had to use their savings to bear care costs.

London, Sep 4 — Over a million homes in Britain have been sold by pensioners to pay for the rising cost of care, a study has revealed. Also, another two million aged people have had to use their...

Filed under: news

YouTube Videos

 
 
 

47 weeks ago

A million British pensioners trade homes for care

Sep 4 2013, 7:24am CDT | by IANS

London, Sep 4 (IANS) Over a million homes in Britain have been sold by pensioners to pay for the rising cost of care, a study has revealed. Also, another two million aged people have had to use their savings to bear care costs.

London, Sep 4 — Over a million homes in Britain have been sold by pensioners to pay for the rising cost of care, a study has revealed. Also, another two million aged people have had to use their savings to bear care costs.

They average 3,000 pounds (about $4,670) a month for a nursing home and 2,000 pounds for residential care, Daily Express reported Wednesday.

The bills consume the elderly people's savings and assets, leaving them with literally nothing from a lifetime of hard work to pass on to children or grandchildren.

According to the report by investment group NFU Mutual, a total of 1,163,200 elderly people have been forced to sell their house or flat over the past five years to pay care bills.

It means three in four Britons with parents in care will lose their inheritance.

Since 1999, one in 10 adults has had a parent go into care. Of those, 28 percent have been forced to sell the family home and 48 percent have used ­savings to meet the charges.

While 15 percent of children of pensioners in care still hope to inherit a property or money from their parents, 77 percent said fees had eaten up "most" of their parents' wealth.

The survey of 2,000 people also found that those expecting help from the state were likely to be ­disappointed.

Across the country, 53 percent of councils admitted to slashing their budgets for ­elderly care since 2009.

A Freedom of Information request revealed 68 out of 128 local authorities polled had made the cuts.

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

27 killed in violence across Iraq
Baghdad, Aug 1 (IANS) At least 27 people were killed and as many injured in the violence witnessed in different parts of Iraq Thursday in the form of clashes and bomb attacks, police said.
 
 
Iran denies agreement on Arak, Fordow n-sites
Tehran, Aug 1 (IANS) Tehran and the six world powers have not made any agreement on Iran's heavy water nuclear power plant of Arak and the underground bunker of Fordow uranium enrichment establishment, a senior Iranian nuclear negotiator said here Thursday.
 
 
China lifts military controls delaying flights
Beijing, Aug 1 (IANS) China's civil aviation authority has decided to abort control measures from Friday in place for flights in the country's eastern, central and southern regions while a military exercise goes on in southeast coastal areas.
 
 
China urges US not to interfere in sovereignty
Beijing, Aug 1 (IANS) China Thursday urged the US to stop interfering into Chinese sovereignty after the State Department voiced concern over indictment of a former college teacher named Ilham Tohti.
 
 
 

Latest from the Network

Kelly Osbourne sued by former landlord
Los Angeles, Aug 1 (IANS) Kelly Osbourne's former landlord has sued her by claimed that the singer caused damages worth $70,000 to his property after she let her dogs defecate all over the apartment. The "Fashion...
Read more on Celebrity Balla
 
Lana Del Rey says ex-boyfriend is 'unwell'
Lana Del Rey claims her ex-boyfriend Barrie-James O'Neill is ''unwell.'' The 'Summertime Sadness' hitmaker, who split from the Scottish musician in June after three years together, admits they were not a good match, as...
Read more on Celebrity Balla
 
Ryan Seacrest's pals concerned about his gilfriend
Ryan Seacrest's friends are allegedly worried his girlfriend might be a ''gold digger.'' The 'American Idol' host, 39, started dating 24-year-old fitness trainer Shayna Taylor last summer, but his close pals reportedly...
Read more on Celebrity Balla
 
27 killed in violence across Iraq
Baghdad, Aug 1 (IANS) At least 27 people were killed and as many injured in the violence witnessed in different parts of Iraq Thursday in the form of clashes and bomb attacks, police said. Four policemen were killed...
Read more on Politics Balla
 
Iran denies agreement on Arak, Fordow n-sites
Tehran, Aug 1 (IANS) Tehran and the six world powers have not made any agreement on Iran's heavy water nuclear power plant of Arak and the underground bunker of Fordow uranium enrichment establishment, a senior Iranian...
Read more on Politics Balla
 
Russia to host 'highest-level' FIFA World Cup
Moscow, Aug 1 (IANS) Russia vowed Thursday to hold its first FIFA World Cup in 2018 at the highest level possible. A working group from the "Russia-2018" organising committee has stayed in Brazil for the whole...
Read more on Sport Balla
 
Now SEPA to facilitate euro payments
Brussels, Aug 1 (IANS) The European Commission said Thursday that the Single Euro Payments Area (SEPA) would become fully operational in all euro zone countries from Aug 1, 2014 onwards. SEPA, the largest payments...
Read more on Business Balla
 
China lifts military controls delaying flights
Beijing, Aug 1 (IANS) China's civil aviation authority has decided to abort control measures from Friday in place for flights in the country's eastern, central and southern regions while a military exercise goes on in...
Read more on Politics Balla
 
China urges US not to interfere in sovereignty
Beijing, Aug 1 (IANS) China Thursday urged the US to stop interfering into Chinese sovereignty after the State Department voiced concern over indictment of a former college teacher named Ilham Tohti. Tohti was...
Read more on Politics Balla
 
Kelly Rowland is expecting a baby boy
Kelly Rowland has confirmed she is expecting a baby boy. The 33-year-old singer, who is married to her manager Tim Witherspoon, accidentally revealed the gender of their unborn baby while discussing all the gifts their...
Read more on Celebrity Balla