Care costs increasing 10% faster than pensioner incomes
The cost of living in a care home is increasing 10% faster than pensioner incomes, as average annual costs exceed £30,000 for the first time.
The research from Prestige Nursing + Care found that the cost of a typical single room has risen by 5.2% over the past 12 months, coming in at £30,926 a year – more than double the typical pensioner income of £14,456. This increase amounts to an additional £1,536 a year - 10 times the typical increase to pensioner income of £156.
Care in the capital is the most expensive, averaging at £38,896 a year, but London is also the fast growing, with costs rising by a whopping 19% over the year. Subsequently it overtakes last year’s most expensive region – East of England – where costs are marginally lower at £37,908 a year. The North East was the only region to see prices fall – with costs down 9% from £24,232.
Jonathan Bruce, managing director of Prestige Nursing + Care said: “It is particularly alarming that care home costs have risen 10 times as much as pensioner incomes in real terms, with the result that older people will find challenge of paying for care even more out of their reach.”
He adds: “Care workers and nurses absolutely deserve the boost they have received to their pay but the increase to the minimum wage has no doubt pushed the cost of elderly care upwards.”