Most 18-24 year olds fear they won’t be able to afford care in old age

Those in the 18-24 age group saw a rise in the percentage of those who were certain they would be able to afford care without selling their home to fund it, with the 15% holding this opinion in 2019 rising to 24% in 2024.

The same age group also saw a 4% rise in those who felt they may not be able to, moving from 24% to 28%.

Overall, this means that 52% of 18-24 year olds feel on some level that they will be unable to afford the care they may need without having to sacrifice their home to do so.

While results for the 25-49 age group stayed relatively stable, one of the more disturbing results was found in the 50-64 demographic.

The age group leading up the retirement age saw a rise from 49% to 56% in those who felt certain they would need to sell their home, but they were also the only age group in which those who felt certain they could afford care and maintain their property saw the percentage drop.

In 2019, 1% of 50-64 year olds felt they would be able to keep their property while paying for care, and in 2024, this had dropped to 0%. While this is a small drop numerically, it suggests that the recent cost of living crisis has shaken people’s faith that they will be able to deal with unexpected costs in retirement without selling assets like their houses.

Fraser Sutherland of Storage Vault discussed the results: "It’s no surprise with the rising cost of living we’ve seen in the past few years that people are starting to worry about how far their money will go.

"Younger generations may be concerned that they’re unable to save for the future, and older generations may be facing a situation where the money they have set aside may not go as far as they thought in their retirement.

"Having to choose between your home and your ability to afford care is an awful position to be in and can be incredibly stressful, so it's really important to speak to friends, family and experts who can help."