"Advisers are uniquely positioned to bridge the gap between concern and action – helping customers think ahead, explore their options, and use protection as a practical tool to plan for future care needs."
- Justin Taurog, CEO of VitalityLife
Of those surveyed (2,000), 51% lack confidence in their ability to meet the cost of social care in retirement – rising to nearly two-thirds (61%) amongst those aged 55-64 years old.
Worryingly, nearly half of adults (48%) believe that even if they started saving now, the cost of social care would still be unaffordable.
When asked how social care will be paid for, 33% said they will use their savings and 26% intend to rely on their pension. 16% said they will sell their property to cover care-related costs, whilst 12% have taken out or plan to take out an insurance policy specifically for this purpose.
“Despite rising anxiety about how to fund care in later life, too few people are having the right conversations early enough. Advisers are uniquely positioned to bridge the gap between concern and action – helping customers think ahead, explore their options, and use protection as a practical tool to plan for future care needs,” explained Justin Taurog, CEO of VitalityLife.
11% of respondents believe the state will cover their care-related costs, and 10% expect their family to bear the financial burden. Almost a fifth (16%) are unsure how they will manage expenses, whilst 17% haven’t thought about it at all.
Although 32% expressed an interest in insurance policies that help cover care-related costs in the event of a dementia or Alzheimer’s diagnosis, just 8% said they would consult a financial adviser about social care in retirement.
