A poll of 11,870 individuals conducted by Just Group showed that there was widespread confusion about government policy and that this had led to many people delaying planning for care in later life.
Nearly three quarters of the respondents (73%) had not thought about care or spoken with family about it, while 61% said they were confused about policy for care funding. The report called for clearer information to be provided about care policy and for earlier planning rather than a ‘fingers crossed’ approach.
Significantly, the survey found that 54% think it would be helpful if their local authority referred them to a financial adviser, while 34% actually expect this to be the norm.
Planning effectively would relieve pressure on local councils and private care providers, as well as allow individuals greater autonomy when deciding on the care they receive.
Catriona Lumiste, Care Fees Planning Specialist at the Society of Later Life Advisers, said:
“Planning for care is so different to many other aspects of financial planning.
“Putting a plan in place offers individuals some control and peace of mind when they may feel daunted going through the maze of options for long-term care needs, particularly when so much emotion and decision-making is involved.”
Omnium Wealth Management can provide detailed cash-flow forecasting to help you plan your financial future. Give one of our advisers a call today on 01483 205890 or download our Guide to Cash-flow Planning here