Poor pensions and a lack of other savings means few have any alternatives. The toll could be even higher, however, because many remain ignorant about the enormous cost of care homes - and who pays. For example, 55% of those questioned believe the basic state pension, which is currently £84.25 a week, will cover the cost of care.

But the average weekly residential care home fee is £400 - leaving a 'funding gap' of £315.75 every week, or nearly £16,500 every year.

Jonathan Ellis, senior policy manager at Help the Aged, said: 'We fear that thousands of adults have been led into a false sense of security. They believe that, should they need care one day, it will be paid for by the state out of taxpayers' money.

The study found nearly half of the 'baby-boom' generation are 'resigned' to the fact that they might have to sell their homes. House prices have soared over the last decade, taking the average asking price for a property in England to an astronomical £215,000.

Help the Aged criticised the care home funding system as unfair, unreliable and confusing-The current arrangements certainly penalise the prudent.

Edwina Baniqued