Pensions  

Longevity puts more demand on care needs

Longevity puts more demand on care needs

An ever-higher proportion of people in the UK are living to age 75 or older, highlighting the need for better long-term care planning as people live longer with failing health.

The Office for National Statistics’s latest provisional figures showed that 10,493 deaths were registered in England and Wales in the week ending 27 March 2015.

Of these, 3020 people were aged between 75 and 84 while 4289 were 85 or older.

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The average number of deaths for the corresponding week over the previous five years was 9169 - according to the ONS the high 2015 number coincided with circulating flu.

Earlier this year, long-term care planning network Symponia warned that products alone could not help people meet the cost of care in their later years.

Janet Davies, managing director of Symponia, said: “Care costs and advice are a concern and consumers may be ill-prepared for the cost of long-term care due to a lack in savings.

“But products alone are not the answer: we need stronger directives about uncovering clients’ care funding needs and objectives, making it a mandatory step.”

According to the ONS, as at 2012, period life expectancy at birth in the UK was 79 for males and 82.7 for females. By 2037 this was projected to reach 84.1 for males and 87.3 for females.

Adviser view

Brian Tabor, chartered financial planner for Hertfordshire-based Carematters, said: “We have not seen anything dramatically different of late. It would not surprise me if longevity for both sexes started to plateau.”