Research shows untapped demand for professional advice on later life care

Only one in nine (11%) over‑45s who have helped organise later life care for an elderly relative were supported by a professional financial adviser, new research from Just Group shows.

But despite low use of advice, a significant proportion who would welcome a referral to a financial adviser if they were considering their own options for care in old age.

Overall, six in ten (59%) of over-45s said they would be grateful for a referral to an adviser by their local council, with another 13% saying 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% said they would contact their own adviser.

The figures show 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.

Mitch Miller, senior care product manager at Just Group, commented: “Care represents a huge, and difficult to manage, financial risk to clients. Many find themselves with caring responsibilities for elderly parents or relatives with some ultimately needing to organise and pay for care for themselves or their partners.

“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.

“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.

“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."