Brits are not taking adequate steps to prepare for care in their old age, new research shows.

Only a third of over-65s polled by Bupa said they had saved any money for their old age, with women found to be significantly less likely to save than men.

The research was based on the answers of 13,000 people across 12 countries, and suggests that Brits should be doing far more to take advantage of the best saving rates and other financial measures to prepare for old age.

According to the healthcare provider, UK over-65s need around £50,000 to cover care costs, on average.

Bupa Care Homes UK director Oliver Thomas said: "Because women live longer, they are more likely to need social care than men. We need to celebrate the fact that people are living longer but we'd urge people, particularly women, to talk to relatives and loved ones about saving for old age.

"Today's figures also reveal that women are more anxious than men about getting old but proper financial preparation could help ease their fears."

Some 28 per cent of Brits claim they are planning to deal with the consequences of old age when it happens, rather than in advance, while 16 per cent believe they will need to sell their home.

Worryingly, seven in ten of Bupa Care homes admissions are women, with a significant proportion being unplanned, likely requiring last minute financial arrangements.

Speaking to the parliamentary Health Committee earlier this week, economist Andrew Dilnot called for a radical shake-up of the way elderly care is funded in the UK.

He warned that most people don't understand the system, which is caused by the lack of discussion that takes place and an unwillingness to do so among decision-makers.

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2011-12-09 13:12:14 © Moneyextra.com