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

US launches 22 air strikes against IS positions in Iraq
Washington, Oct 26 (IANS/EFE) The US military has carried out 22 air strikes against Islamic State (IS) positions in Iraq and one in Syria over the past two days, the US Central Command said Saturday.
 
 
Hispanic leaders give Democrats ultimatum on deportation
Washington, Oct 26 (IANS/EFE) Hispanic leaders from a dozen US states have delivered an ultimatum to the Democratic Party, threatening to back an independent candidate in the 2016 presidential election, if Obama administration does not halt deportations of undocumented migrants.
 
 
German national IS fighter killed in Syria
Damascus, Oct 26 (IANS) A German national Islamic State (IS) fighter was killed Saturday during clashes with the Syrian troops in the country's eastern province of Deir al-Zour, media reported.
 
 
Russia to develop advanced aircraft carrier by 2030
Moscow, Oct 26 (IANS) Russia has worked out a long-term military development programme that envisages construction of an advanced aircraft carrier for the Navy, a high-ranking military official said Saturday.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla