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

 
 
 

1 year 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

29 missing as ship capsizes in Philippines
Manila, Sep 14 (IANS) At least 29 people were missing after a roll-on and roll-off vessel with 84 people on board capsized off central Philippine province of Leyte Saturday night, the state disaster relief agency said Sunday.
 
 
Protest in Hungary over treatment of NGOs funded by Norway Grants
Budapest, Sep 14 (IANS) Several hundred people gathered here Saturday to protest police investigations into Okotars, an environmental organisation appointed by Norway for administering the portion of the Norwegian Grants intended for non-governmental organisations (NGOs), Xinhua reported.
 
 
Britain verifying video of aid worker's beheading
London, Sep 14 (IANS) The UK Foreign Office said late Saturday it was "working urgently to verify" a video purporting to show beheading of a British hostage by the Sunni militant group Islamic State (IS) in Syria, media reported.
 
 
Slovak PM for referendum on NATO base in Slovakia
Bratislava, Sep 14 (IANS) Slovak Prime Minister Robert Fico has said that he would initiate a referendum if his country was pressed into hosting a NATO base, a daily reported Saturday.
 
 
 

Latest from the Network

Atletico ambush Real Madrid at Bernabeu
Madrid, Sep 14 (IANS) Atletico Madrid beat Real Madrid 2- 1 in the Santiago Bernabeu Stadium to throw Carlo Ancelotti's side into crisis. Goals from Tiago Cardoso and Arda Turan gave Atletico their second league win...
Read more on Sport Balla
 
Kelly Brook lashes out at 'stupid' exes
London, Sep 14 (IANS) Actress-model Kelly Brook has branded her former lovers as "stupid" and "spineless", in her memoir, which she has penned to "close the door on all those chapters". The 34-year-old, who is engaged...
Read more on Celebrity Balla
 
Are Beyoncé and Jay Z expecting a baby?
Are Beyoncé and Jay Z expecting a baby? Rumours have sparked that the couple are expecting their second child after Jay Z changed some of his song lyrics. Numerous news outlets are reporting that Jay Z hinted that his...
Read more on Celebrity Balla
 
Andrew Garfield blasts hackers as misogynistic and revolting
Andrew Garfield thinks the hackers who leaked nude photos of celebrities are ''misogynistic'' and ''revolting''. The 31-year-old 'Amazing Spiderman' star is the latest person to defend his fellow celebrities after the...
Read more on Celebrity Balla
 
Khloé Kardashian's ex-husband desperate to win her back
Lamar Odom is desperate to reconcile with Khloé Kardashian. The 'Keeping Up With The Kardashian' star's ex-husband is reportedly ready to fight for Khloé after she split with her boyfriend of eight months, French...
Read more on Celebrity Balla
 
Slovak PM for referendum on NATO base in Slovakia
Bratislava, Sep 14 (IANS) Slovak Prime Minister Robert Fico has said that he would initiate a referendum if his country was pressed into hosting a NATO base, a daily reported Saturday. According to the premier,...
Read more on Politics Balla
 
Sky Ferreira's obsession with Taylor Swift
Sky Ferreira is ''obsessed'' with Taylor Swift. The 22-year-old singer tweeted the 'Shake It Off' hitmaker to admit her adoration. She tweeted: ''I'm obsessed with @taylorswift13. I'm so late?!??!?!'' (sic). The 'Boys'...
Read more on Celebrity Balla
 
France defeat Lithuania to take bronze in Basketball World Cup
Madrid, Sep 14 (IANS) France claimed the bronze medal in the FIBA Basketball World Cup Saturday after beating Lithuania 95-93 in the third and fourth place play-off. The French produced a powerful final quarter and...
Read more on Sport Balla
 
Lupita Nyong'o gets style tips from mom
Los Angeles, Sep 14 (IANS) Actress Lupita Nyong'o may have some of the best designers in the world to offer her style tips, but she prefers to seek her mother's advice when it comes to her clothes. The Oscar-winning...
Read more on Celebrity Balla
 
NATO expansion to Russian borders unacceptable: Lavrov
Moscow, Sep 14 (IANS) NATO's expansion by pulling more Russia's neighbouring countries into the alliance is unacceptable, Russian Foreign Minister Sergei Lavrov said Saturday. "NATO expects to turn as many countries...
Read more on Politics Balla