Many people unprepared for possibility of needing long-term care – survey

Planning ahead for retirement is generally quite low down on the list of priorities, according to lender Hodge.

Only one in three people have made financial plans for the possibility of needing long-term care, according to specialist lender Hodge (PA Archive)

Only one in three (33%) people have made financial plans for the possibility of needing long-term care, a survey has found.

Despite this, around two-thirds (67%) of people surveyed said they were confident that their income will allow them to maintain their current lifestyle as they grow older, according to specialist lender Hodge.

More than half (55%) of those questioned said they were keen to learn more about money and finances.

Just over a quarter (27%) said they always seek professional advice before making a financial decision.

The findings were released to coincide with Carers Week (June 7 to 13), an annual campaign raising awareness of the contribution unpaid carers make and recognise the contribution they make to families and communities.

Our research shows that planning ahead for retirement is still quite low down on the list of priorities

Emma Graham, Hodge

Hodge warned that a lack of retirement planning, including financial planning for long-term care, can lead to other family members having to step in to help or rapid financial solutions being needed, which might not necessarily be the best ones.

Emma Graham, business development director at Hodge, said: “Our research shows that planning ahead for retirement is still quite low down on the list of priorities.”

She added: “Interestingly, half of those questioned (50%) said they were willing to work into later life/ retirement to support themselves or their family, but good financial planning might help to prevent that situation.”