Financial advisers have a “huge opportunity” to support people’s planning for later life care, given the current pressures on the NHS and social care systems, Just Group has stated.
Analysis carried out for the Just Group Care Report 2022 found that just one in 14 (7%) of over-45s who have made care arrangements for a loved one or themselves used a regulated financial adviser in the process.
Despite this low use of financial advice for making care plans, Just Group said its research has uncovered strong demand for greater help.
It found that over three in five (61%) over-45s said that they would arrange to meet a financial adviser if they were referred. Only one in 10 (11%) said that they would choose not to speak to an adviser and this feel even lower to 6% among over-75s.
The research, based on a representative sample of 1,000 adults in England and Northern Ireland aged 45 and over, also found that exactly half (50%) said that if they approached their local authority or council for information about care, they would expect a referral to a financial adviser as standard.
Group communications director at Just Group, Stephen Lowe, said the figures demonstrate the “latent potential” in this area for financial advisers, given the nation’s ageing population which holds substantial property wealth and faces “complicated” care rules.
“Financial advisers are not currently front of mind when people start looking for support and guidance for their later-life care planning,” he said. “But when prompted most people wanted to meet with an adviser to discuss their options.
“Advisers play a significant role in getting people to think about the finances around going into a residential care home given the difficulties many would face navigating the system on their own.
Lowe added: “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.”
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