The Daily Telegraph has reported that Coalition plans to overhaul care funding are at risk, as a study suggests 3.2 million over 50s have given up saving for old age.
They told the survey they believe there is “no point” because it will only be taken away to pay for care, research shows.
Age UK, Britain’s biggest charity working with elderly people, has now warned that the Government’s long-awaited overhaul of the care system, currently before Parliament, will fail if large numbers of people share this viewpoint.
Age UK said that the new system, which will cap the amount people have to pay for care in their lifetime, relies on people being able to make a contribution to the cost and could be thrown into crisis if too many people turn their back on saving.
The new system is based on the recommendations of a landmark Commission chaired by the economist Andrew Dilnot, and is due to come into force in just over two years time.
It will introduce a theoretical £72,000 cap on the amount anyone has to pay for their care in their lifetime, overhaul the system of assessing whether people are frail enough to need care and prevent those who do have to pay having to sell their home.
One recent study estimated that more than a million families have had to sell their home in the last five years alone in order to pay care bills for loved-ones.
With council budgets under intense strain, more than 450,000 frail elderly and disabled people who would have received state support for the care even a few years ago are now shut out of the system, academics at the London School of Economics have calculated.