Skip to main content
Personal Finance Professional – setting standards and guiding the profession - return to the homepage Personal Finance Professional logo
  • Search
  • Visit Personal Finance Professional on Instagram
  • Personal Finance Professional on Twitter
  • Visit @PersonalFinanceSociety on Facebook
Visit the website of the Chartered Insurance Institute Logo of the Chartered Insurance Institute

Main navigation

  • Home
  • News
  • News analysis
  • Features
  • Study room
  • Opinion
  • PFS Radio
  • Digital magazine
Quick links:
  • Home
  • Personal Finance Professional Issues
  • WINTER 2020
News

Lightbulb moment for care-funding

Share on
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print
Open-access content Tuesday 1st December 2020
web_p8_HIRES_care-home_iStock-1221594235.png

Only one in 10 of us have or will make provision for care by our 60s, despite becoming aware of the need to fund later-life care as early as our 30s, new research shows.

This startling figure comes from the first stage of research for the Insuring Futures Ageing Population campaign, run by the Chartered Insurance Institute (CII).

A survey of more than 2,000 consumers showed that funding care provision is not even among the top six financial priorities discussed with family members.

Discussions around care provision rank below unexpected expenses, getting on the property ladder and pension provision. This is despite a 2019 Age UK report showing that by the end of 2019, one in seven (1.5 million) of the total older population had care needs; and the charity projecting that if governments fail to act, this could increase to 2.1 million by 2030.

Just 31% of those aged between 18 and 75 who were polled for the Insuring Futures campaign survey between September and October 2020 said they have made, were looking to make in the future, or have made provision in the past for later-life care. Only 11% of all those surveyed are making provision for their needs now.

A key finding of the survey was that those who had engaged in conversations about later life with family members found real benefits in doing so, including avoiding problems and confusion in the future, finding value in getting their family’s opinion and having the reassurance that plans have been made.

The CII’s Insuring Futures initiative will use these conversations to produce guidance and support for professionals around:

  • How we design products and communications for older people that resonate with the way they live their lives.
  • How professionals can structure conversations with clients that are more relevant to the risks and aims they have.
  • How advisers can give advice to their clients’ whole family, rather than just the individual, as they grow older and their plans become more entwined with the needs of their family.

Find out more about the campaign by contacting: sophia.kleanthous@cii.co.uk

Image credit | iStock
PFP_Winter2020.jpg
This article appeared in our WINTER 2020 issue of Personal Finance Professional .
Click here to view this issue

You may also be interested in...

web_p8_COH_J012881-IWF-Covid19-Report-spreads-P2-3-1.png

Financial impact of Covid-19 on women revealed

Urgent action is needed to ensure women do not take a financial step backwards due to the Covid-19 pandemic, according to the Chartered Insurance Institute’s Insuring Women’s Futures (IWF) initiative.
Tuesday 1st December 2020
Open-access content
web_p7_PF-media-awards-winnders-revealed_HIRES_iStock-1238090761.png

Personal Finance Media Awards winners revealed

The winners of the Personal Finance Society Media Awards 2020 were announced in October.
Tuesday 1st December 2020
Open-access content
web_p7_Personal-Finance-Awards-Logo-2020-21-curves--all-gold.png

Financial planning stars lauded at Personal Finance Awards

Paradigm Norton Financial Planning has been named the PFS’s Chartered Firm of the Year.
Tuesday 1st December 2020
Open-access content
web_p6_PFS-Associate-Firm-Standard_Dark-Grey_CMYK.png

PFS reveals interest in associate firm status

In just one month, more than 120 businesses have opted to become Associate Firms of the PFS.
Tuesday 1st December 2020
Open-access content
web_p6_CII-ends-'gap-filling'_HIRES_iStock-1185260550.png

CII ends ‘gap filling’ for advisers

The Chartered Insurance Institute (CII) will end ‘gap filling’ as an option for financial advisers applying for a Statement of Professional Standing (SPS) from the end of August 2021.
Tuesday 1st December 2020
Open-access content
web_p6_HIRES--Natasha-Kaplinsky--Shutterstock--96000146.png

ITN programme shows value of financial advice

The Financial Wellbeing programme from ITN Productions – Industry News, which explains the value of seeking financial advice, is now available to view via the PFS website.
Tuesday 1st December 2020
Open-access content
Also filed in
News
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

BECOME A MEMBER

BECOME A MEMBER

SUBSCRIBE TO PRINT

SUBSCRIBE TO PRINT
PFP
​
FOLLOW US
Twitter
LinkedIn
Youtube
CONTACT US
Tel: +44 (0) 20 7880 6200
Email
Advertise with us
​

About the PFS

About us
Membership
Qualifications
Events

PFP magazine

Digital magazine
Podcasts
Blog
News

General Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Write for PFP Magazine
Want to receive PFP Magazine
Not a member but interested in knowing more? Click here.

© 2023 • PFP Magazine is published by Redactive Media Group. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ