More than a third of older people have put a friend or relative into residential care, but nearly half failed to get any advice when they did so, a survey has showed.
About 37% of people who are over 50 have put someone into residential care, 11% of whom have had to help fund the place themselves, according to financial services group Partnership.
A further 17% of people have had to sell assets belonging to the person to pay for the care, while 19% said they had needed to sell everything the person owned.
The group found that 56% of people either had no idea how much a residential care place cost, or they dramatically underestimated it, with many also assuming they would receive financial help from their local authority.
But the group warned that with places costing between £25,000 and £30,000 a year, people looking for care for an elderly relative were likely to be in for a shock.
About 43% of people did not get any advice when they put someone into care. Among those who did, 66% spoke to their local authority, and 34% talked to medical professionals.
But just 12% consulted an independent financial adviser, while 16% did their own research on the internet, and 13% spoke to friends.
Ian Owen, chairman of Partnership, said: "With an ageing population, the number of people having to make crucial decisions about their loved ones' welfare is increasing.
"And with the pressure on local authorities to control their costs forcing more people to fund the care themselves, the lack of knowledge about funding choices, what support people are entitled to, the real costs of care homes and the probability of investments running out is a major worry for thousands of families and carers."
