Care homes now cost in excess of £28,600 annually, more than double the average pensioner’s income of £13,993.
Pensioners’ annual income gains add up to £785 over the last two years while care home costs have risen by £1,262. As a result, the gap between incomes and care home costs has risen by £9 a week or £477 a year compared with 2012.
Jonathan Bruce, managing director of Prestige Nursing and Care said: “As council cuts drastically reduce eligibility for financial support in all but the most severe cases – with more cuts planned – many people are staring at a cavernous divide between their income in later life and the sums needed to pay for residential care.
“It is no surprise that older people often feel pressured into relying on family or selling their homes if the need for long term care becomes a reality.
“Care at home is often far more cost effective than residential care, allowing people to remain in the comfort of their own homes and use preventative measures to help maintain their independence.
Pensioners in the South East are worst hit, as care homes cost £32,760 per year while annual care costs increased by £712, the greatest annual rise in the whole of the UK.
North Eastern pensioners are better off, where care homes cost £24,648, while pensioners have also benefitted from a 2.6% increase to their income over the last year.
