The Alzheimer's Society report, which coincided with Dementia Action Week on 13-19 May, revealed just 1.4% of dementia costs are spent on diagnosis and treatment with families shouldering 63% of costs.

Kate Lee, Alzheimer's Society chief executive, said: 'One in three people with dementia do not have a diagnosis. They are facing dementia alone without access the vital care, support, and treatments. If we don't address diagnosis, we have no hope of addressing the major dementia challenges we face and reducing the cost to the health service and wider economy.'

The Alzheimer's Society warned dementia costs would rise to £90bn by 2040 unless urgent action was taken. 

Dementia costs increase significantly as the disease progresses from £29,000 per year for mild dementia to £81,000 for severe dementia.

The charity said social care (40%) and unpaid care (50%) shouldered the vast majority of costs.

A third of unpaid carers spend more than 100 hours caring per week, with 16% having to give up work to care.

Pressures are set to increase, meanwhile, with the UK population with dementia to rise by 43% by 2040, with the biggest increases (51%) in Northern Ireland and London (53%).

The Alzheimer's Society called on the Government to increase access to early and accurate dementia diagnosis to help families avoid reaching costly, avoidable crisis point.

A Department of Health and Social Care spokesperson said: 'Timely diagnosis of dementia is vital, which is why we're working to identify and treat more people and provide potential new treatments as they become available.

'We're also doubling funding for dementia research to £160m a year by the end of 2024/25, and dementia is one of six major conditions included in our upcoming Major Conditions Strategy.'