The study showed that 37 per cent of adults over 50 have had to put someone into residential care, yet when it came to financial advice on paying for long-term care, people were unaware of who to turn to. The study revealed that only 12 per cent consulted an IFA, while one in three sought the advice of doctors and nurses.
Two-thirds were told to go to their local authority for advice, where, Partnership warned, staff were unqualified to give full advice and could point people in the wrong direction.
Partnership added there was a chronic lack of awareness of the cost of long-term care, with 56 per cent of respondents having little idea of the cost or dramatically underestimating it.
Ian Owen, chairman of Partnership, said: “This market is one where advisers can really make a positive difference to the lives of thousands of people. State-funded care is disappearing for all but the most needy and any future developments are likely to involve some form of funding partnership between the state and the individual. We would encourage IFAs to step into the breach and meet this very real need.”
Stuart Wilson, managing director of Equity Release Advisory Service, said: “Financial advice for the elderly is a much overlooked area in the financial industry in general. Immediate long-term care planning is under-provided for and equity release advisers need to start looking at that.”
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