Dementia Statistics 2024: Rising Alzheimer’s and Dementia Cases Highlight Need for Asset Protection

In the latest report on Dementia statistics for 2024, Alzheimer’s Society projects that around a million people in the UK are currently living with dementia, with this number set to reach 1.4 million by 2040. While dementia itself is a term covering various types of cognitive decline, Alzheimer’s disease remains the most common form, affecting about 60-70% of dementia cases. The anticipated rise in dementia cases underscores the urgent need for better planning and protection of personal assets, particularly given that poor estate planning can cost UK families upwards of £1 billion annually.

Understanding the Rising Numbers: Dementia and Alzheimer’s

A new study led by University College London has revealed that the number of people with dementia in England and Wales is expected to climb more sharply than previously estimated, reaching 1.7 million by 2040—a staggering 42% increase over earlier forecasts. Alzheimer’s and other types of dementia are now the leading cause of death in the UK, disproportionately affecting women due to their higher life expectancy. With an estimated 7,000 new dementia diagnoses per month in England alone, Dementia statistics 2024 indicate that one in three people born in the UK today will develop dementia over their lifetime.

The increase in dementia cases doesn’t only stem from an ageing population; it is also evident that more people within older age groups are now at risk of developing the condition. Professor Eric Brunner from the UCL Institute of Epidemiology & Health Care notes that these rising numbers call for more robust social care policies to ensure people of all financial backgrounds can access quality care.

There are Many Kinds of Dementia

Dementia encompasses a range of conditions, with Alzheimer’s disease being the most common, accounting for 42.4% of cases in England. Other types include vascular dementia (15.6%), mixed dementia, and conditions such as Lewy body dementia, which is often linked to Parkinson’s disease. Each type of dementia impacts individuals differently, and understanding these distinctions is essential for timely diagnosis and appropriate support.

The Financial Toll: Estate Planning to Safeguard Assets

The economic impact of dementia is overwhelming, both at the individual and national levels. Dementia statistics for 2024 reveal that care costs are projected to double to £90.6 billion in the UK by 2040. The high cost of dementia care has already pushed many families to the brink, often leading to the loss of personal assets, especially homes, to cover care fees. For married couples, there’s a particular risk: without proactive estate planning, families stand to lose 100% of their home’s value to these costs.

Estate planning tools, such as placing assets into trusts or splitting property ownership into tenants in common, can protect at least 50% of a couple’s home from being used to pay for care fees. Families who take these steps can significantly reduce the financial strain and avoid contributing to the estimated £1 billion unnecessarily lost every year due to inadequate estate planning.

The Call for Comprehensive Dementia Care and Diagnosis

A significant issue highlighted by Dementia statistics 2024 is the variation in diagnosis rates across the UK. Where a person lives can impact their likelihood of receiving a timely diagnosis, with areas like London and the north-east experiencing different rates due to resource disparities. Diagnosis rates, especially in older regions, remain below targets, with as many as 180 council areas falling short of the government’s 66.7% diagnosis goal. Without proper diagnosis, patients and their families may be left without the critical support they need for a condition that already takes a considerable financial toll.

James White, Head of National Influencing at Alzheimer’s Society, urges improved diagnosis and support systems, as the current social care structure is struggling to keep up with demand. Dementia patients, as the largest users of social care, face high costs and limited support tailored to their specific needs. Quality, accessible care, White emphasizes, can make a tremendous difference in the lives of those affected.

Planning for the Future: Why Asset Protection Matters

As the number of people with dementia continues to rise, families across the UK need to be proactive about safeguarding their assets. Effective estate planning not only provides peace of mind but also ensures that families retain control over their property, even if faced with the costs associated with long-term dementia care. In an era where Dementia statistics 2024 paint an increasingly urgent picture, families who take the time to plan can protect their homes and other assets, maintaining financial security while managing the difficult journey of dementia care.

Before diving into specific strategies, it’s essential to grasp the fundamentals of asset protection , by simply altering your will or how you own your house or assets could have a detrimental impact on what you get to leave your loved ones

Later Living Helpline encourages all UK homeowners over 60 to request a free call using the form below. It’s vital to explore estate protection options before undergoing a care assessment. For married couples, if one partner has already been assessed, acting now can help safeguard at least 50% of your property from care fees. Our advice is always free of charge.