New research from Saga has found that, as a result of the Conservatives proposing an increase in the means test threshold for adult social care, a third of over-50s would put off saving for the future.

As things currently stand (in England) once you have eligible assets exceeding £23,250, you have to pay for your own social care in later life.

In the Tory manifesto, there is a proposal to increase this threshold to £100,000; albeit to include the value of your home if you receive care in your own home rather than moving into residential care.

But Saga spoke to 2,004 UK adults, including 897 over 50s, and found a third of those closest to retirement age view this contribution to care costs as too high and it would put them off saving for the future entirely.

9 out of 10 of the over 50s surveyed also said a lifetime cap on care fees should be set at £60,000. 

We are going to have to wait until after the election, assuming the polls are correct and the Conservatives win by a landslide, to discover at what level any lifetime cap is set and which expenses it might include.

When it comes to paying for care in later life, this can be incredibly expensive and many do resent paying, especially after a lifetime of paying income taxes and National Insurance contributions.

However, given the choice between local authority funded care and (if you can afford it) privately funded care in a quality care home of your choosing, the majority of our clients would always opt for the latter.

To give up on saving for your future entirely because you have to pay for any care you need in later life, with at least £100,000 guaranteed to be left as an inheritance for your children or grandchildren, seems like a strange attitude to me.