OAPs who need help to double by 2040

THE number of older people who need help with everyday living is set to almost double over the next 25 years, a report said yesterday.

The research claims that the cost of caring for frail and vulnerable people either in their own homes or in care will reach nearly £42billion in 2040 – more than the country’s current spending on defence.

And if the social care system is not reformed the bulk of the bills will be paid by individuals and their families rather than the state, the analysis funded by the Department of Health and Social Care found.

The breakdown of costs if the current system is not changed was based on population projections from the Office for National Statistics, which suggest that by 2040 there will be 1,175,000 older people who need help with everyday living or a place in a care home, up from 657,000 in 2015. The report, by academics at the London School of Economics and other universities, said that the cost of the care system will be £41.7billion in 2040, a 166 per cent increase on the 2015 figure. Of that, £22.8billion a year will come from private individuals.

At present people are required to pay for their own care if they fail a means test.

Those with assets of more than £23,250 – which means all homeowners – must pay their own bills, averaging more than £600 a week.