The results of this survey will come as no surprise in that few will wish to be concerned with how to fund care when they have much greater access to their pension funds and far greater perceived financial security as a result.
Many will seek to rely on the state to fund their care if they exhaust their retirement pots, but in many ways isn't this the sort of advice we should all be giving our clients - to spend what they have, whilst they can actually enjoy it?!
A survey of 500 people who have accessed their pension since April of last year revealed that just one in six has budgeted for the cost of care as they grow older. Citizens Advice said its research found that three out of five have not thought about how they will pay for care costs, with one in 10 hoping to rely on their family or the Government. Local authorities should offer online or face-to-face services to help people plan for the future, said the report.