Becky O’Connor, the Head of Pensions and Savings at interactive investor, warned the lack of action will impact retirees specifically.
She said: “It’s good to hear proposals to reform social care, including long term care for the elderly, will be brought forward, but this remains vague and millions of families around the UK need urgent clarity on it.
“Planning to meet living costs in retirement is hard enough without the curveball of care costs entering the equation. However, it is becoming more likely for more older people, who may have limited means.
“In the meantime, family members turned carers are taking the strain, which in turn has an impact on their earning capacity and ability to invest and look after themselves in their own retirement years.