A third of Britons don’t know how to fund later life

Published on in Banking News by

A new report highlights the fact that a significant proportion of the British public aren’t sure how they will pay for their needs in later life.

saving-for-retirement

Issues such as long-term illness, nursing home or care fees and care of partners, parents and siblings are a concern for just under a third of Britain’s adults who are unsure where the money will come from to cover the potential costs.

However, the latest Quarterly Savings Survey from NS&I reveals that 26.7 million adults in Britain, or 54% of the population, have already started thinking about what might happen and how they would go about dealing with things. Indeed, 27% of this group have already started to put financial plans in place.

NS&I Retail Customer Director John Prout said: “Planning financial needs for later life requires careful consideration in plenty of time. Understandably many people don’t like to think about growing older and the possibility of needing long-term care one day. It can be a distressing and emotive issue to talk about.

“But with people living well into their eighties, many more of us are likely to need care in the future, and are likely to need to care for others also.”

Making plans for later life doesn’t just come down to managing finances, as 43% of those who have nothing in place said that they have no idea where the money would come from in order to meet the level of provisions needed.

Tish Hanifan, Chairman of the Society of Later Life Advisers commented: “Clients are primarily concerned with being able to both enjoy their retirement and continue to be able to make choices around their care needs. Undoubtedly the way to achieve this is to begin to factor the costs of having the kind of retirement you want into your financial planning as early as possible.

“An important starting point is for the consumer to have access to as much information as possible. Informed consumers are best able to make the right choices.”

Opening a good bank account that is tailored to your needs is a great starting point when it comes to building up a nest egg.

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