Cass Business School has recently concluded a 3-year study of population trends and has claimed that the cost of long-term care will rise by 30% between now and 2050. The research found that increasing longevity and changes in family structures are the main culprits for cost increases.
By 2050 almost 3m people will require care, as opposed to 2.2m now. This obviously has cost implications of its own.
Our View
These figures just confirm what many already know. The ageing population will put more burden on State pensions and the NHS. This obviously includes care in old age.
One of the most shocking figures we read was in terms of the rise in people needing nursing or residential home care. This is expected to be 60% more than it is today. With homes closing hand over fist at the moment, the Government will have to take a fresh look.