There is "untapped" demand for professional advice in later life care, Just Group has stated.

Research by the firm found that 11% of people aged 45 and over have been supported by a professional financial adviser when organising later life care for an elderly relative.

Just Group said its latest annual Care Report had demonstrated that many families are being left to navigate complex financial decisions alone.

Despite the low use of advice, the research highlighted the “significant proportion” who would welcome a referral to a financial adviser if they were considering their own options for care in old age, Just Group said.

Three in five (59%) over-45s said they would be grateful for a referral to an adviser by their local council, while a further 13% said they would contact their own adviser.

Among those who had previously organised care for an elderly relative, 66% said they would be grateful for a referral and 15% would contact their own adviser.

Just Group said its latest data shows strong demand for professional support that currently isn’t being met, raising questions about whether advice firms can better integrate long-term care planning into their wider retirement advice.

Senior care product manager at Just Group, Mitch Miller, stated: "Currently financial advisers are not front of mind when people start looking for support and guidance for their later life care planning but our research shows that, when prompted, most people are open to professional help to discuss their options.

"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.

"The earlier the care conversation happens, the better. It 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, which is helpful when managing the emotional stress associated with finding care."

---