The need to prepare for later life care has become a prominent subject since the pandemic started, with people becoming increasingly aware of the levels of preparation this aspect of retirement requires.
But research by Just Group found that only 7% of over-45s have made any type of arrangements for later life care either for themselves or for a loved one.
While this may sound worrying, the retirement specialist firm discovered a great appetite for financial advice when planning for care is involved.
Around 61% of over-45s said they would arrange to meet with a financial adviser if they were referred, with just 11% claiming they wouldn’t be interested, falling even lower to 6% for the over-75 group.
Interestingly, half of people aged over 45 would expect local authorities and councils to refer people to a financial adviser if asked about social care options.
Stephen Lowe, group communications director at retirement specialist Just Group, said: “Advisers can give people an idea of the fees involved with later-life care, and the options available to them to meet these costs. This means people won’t face a sudden shock at the point-of-need and will have a plan in place to deal with the financial and logistical practicalities as well as helping to manage the emotional stress.
“Advisers who have developed the required skills and qualifications are in a strong position to become the ‘go to’ experts in what is likely to be a growing business area in the years to come.”
Recently, International Adviser analysed the role that financial advice can play within the social care space, as many people have reportedly been forced to sell their homes to meet the rising costs of later life care.