Lack of care planning leaves families financially exposed

Families are leaving themselves financially exposed by not planning how to look after older relatives.

Research from Home Instead found almost half of all family carers (46%) have no financial plan in place and more than a quarter (27%) know nothing about probate. Similar numbers have no power of attorney for elderly parents or relatives (29%).

Its survey, conducted by Savanta, spoke to 2,000 people across the UK, with 65% being carers.

Home Instead’s survey also showed half of all family carers know little or nothing about the social care market generally (59%) and nothing about potential private options (53%). Three-quarters (77%) believe subsidised care for older people would ease the burden and 81% said employers must make allowances for employees who care for older relatives.

There are an estimated five million-plus people providing unpaid care in the UK. Home Instead has launched a ‘Take Care’ campaign to help spark a debate about the pressures this part of society is under and what can be done to support them.

‘It’s alarming but perhaps not surprising that not enough of us plan financially for how to cope with ageing parents and other relatives. We all live busy lives and we often don’t think about these things until we’re faced with some sort of family crisis. By then it’s often too late,’ said Martin Jones, chief executive officer at Home Instead UK and International.

‘Thinking ahead and knowing the options available to you is crucial. But a broader change in the system at a government level is also required. Fundamental reform in social care funding will provide greater protection and greater choice and must become a priority for future governments.’

Other findings included 46% of those surveyed believe people should be taxed throughout their working lives to pay for care for older people.

The campaign video can be viewed here.