Financial advisers are doing a “stellar job” in helping people to prepare for the possibility of needing care in later life, a Just Group care report has said.

The latest research is part of a series which dates back more than a decade, uncovering the views of the over-45s on a range of themes, including how and where they would like to receive care.

Two thirds (66%) said they don’t want to go into a residential care home, with 65% saying they would be happy for carers to come into their homes.

Furthermore, half (51%) don’t want their children to become their care-givers.

However, Just Group found that there is a widespread lack of planning with over three quarters (76%) of over-45s saying they have not thought about care, planned for care or spoken to their family about it.

Although preparation and knowledge may be low among consumers aged 45 and over, an additional survey of 200 adviser firms suggested the value the financial advice industry is delivering for its clients.

Nearly all advisers said that care forms part of their planning conversations with clients, with seven in 10 (71%) saying they ask all clients whether they plan to receive care in their home, while another quarter (27%) ask most clients.

Group communications director at Just Group, Stephen Lowe, said: “The planned introduction of new care funding rules this autumn has been delayed to after the next General Election and many question whether the reforms will ever see the light of day.

“The one beacon of hope is the work being done by the financial advice community. They are doing a stellar job supporting their clients by encouraging them to explore what they would want if they do need care and working out how this can be funded. Adviser involvement in care cases not only improves the outcomes for the client, but our research shows it often galvanises other family members involved to start preparing for their own potential care needs.”

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