A majority of over-45s would find it helpful to be referred to a professional financial adviser to help them make financial plans to meet care costs for themselves or a loved one, Just Group’s Care Report has found.
Over half (53%) of over-45s said they would find a referral from their local council to professional financial adviser helpful with only 22% saying they would not find it helpful.
Stephen Lowe, group communications director at Just Group, said: “When people are faced with a major financial decision such as paying care fees, the evidence is that most of them would welcome professional support.”
Two-thirds (67%) of over-45s who had personal experience of finding long-term care for an elderly relative or friend said it was difficult to find the right information.
A majority of this age group (79%) also said they found the care system complex.
Lowe added: “With the number of people needing to pay for care either at home or in a residential home set to rise, there’s a real need for advice firms to help people through a difficult and complex system.
“In an ideal world people would plan for care much earlier in life but the reality is just 3% of 45-54 year olds and 5% of 55-64 year olds have made specific provision to cover care costs and need help to do so.
“Many advice firms recognise the growing opportunity but are perhaps wary of the complexity given the interaction of both regulated financial advice and non-regulated areas such as state benefits, treatment of the home in the means test and deliberate deprivation rules.
“Having the right qualifications provides a solid foundation but advisers also need experience and the requisite soft skills to deal with both the clients and their families who may be organising the care.
“Fortunately, there is a huge amount of support for advisers from providers and other organisations such as the Adviser Academy we run each year that highlights the regulatory and practical issues firms need to understand.”