And yet less than 15% of people who do not qualify for financial support will have sought appropriate, and regulated, financial advice before entering care.
In 2017, there are 1.6 million people living in the UK over 85 (2.3% of population) –this figure is expected to rise more than 5 times to 7.4 million in 2086 (8.7% of population).**
The ‘single’ average cost in a residential care home is around £31,200 a year, increasing to over £43,737 for those receiving nursing care, and with the average stay at about three years, the costs are substantial.
If you are in need of care, and have to fund the fees yourself, you will be concerned with ensuring that you are cared for in a home chosen by you and be confident that you will have enough money to pay the fees for as long as is needed. However, you may also wish to protect your wealth so that some inheritance may be passed on to the next generation.
*Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority
Sources:** Laing and Buisson Report 2016/17