Only four per cent of over 50s would consider contacting a financial adviser regarding long-term care funding and the majority do not have a clue where to find one, according to Partnership.
But research by the long term care provider also revealed the majority have no realistic idea of how much it will cost. This supports the theory discussed at a COVER long term care breakfast briefing that IFAs could be missing out on a share of a £100m market. Two-thirds (65%) of the 467 adults aged over 50 interviewed think care home fees are less than £30,000 per year, while a third believed it was less than £20,000 per year and 12% suggesting less than £10,000 per year. This could leave many people running out of money and needing to fall back on the state or spending more than ...
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