An international study revealed that the United Kingdom will be suffering from one of the most expensive bills destined for elderly care. 2050 will mark the increase of expenses for treating the elderly to almost 20% of all the national funds.
The report made by the Organization for Economic Co-operation and Development revealed that these costs will get to create tensions between parents and children and their relationships could seriously decay. This will happen due to the current low rate of births and a rise in the life span of most Britons. Pensions, health care, and services for the elderly will dry out the budget by more than £80 billion per year.
Adults will need to work more in order to keep paying the taxes on schedule. Work loads will become harder to achieve and family budget will also be reduced as many grandparents may need to sell their homes to pay for the expensive care.
According to Edward Whitehouse, the United Kingdom will be “among the highest long-term care expenditures by 2050” out of 28 nations.
Mr. Whitehouse revealed to the Daily Telegraph that the upcoming governments will not be able to sustain the costs and the common people will need to work harder to keep the elderly alive and healthy. “The money has got to be found from somewhere. It is going to have to be higher taxes or cuts in public spending on other programs,” he explained.
OECD revealed the fact that the current GDP of 2.2% will get as high as 4.3% in 2050, which is almost a 100% increase. Of those 28 nations, only Malta and Spain will be spending more than the UK, but Spain is known to be battling unemployment, so these results don’t come as a surprise for it.
“In the UK, with the exception of a couple of cash benefits for the disabled, funding for long term care is really only for the very poor,” said Francesca Colombo who works as a senior health analyst for the OECD. The Government will not be able to control this rise and this entire burden will rest on the individuals who will need to support their elders by themselves.
