Many do not know how to fund later life costs

A survey from NS&I says that 31% of adults do not know how they will finance their needs in later life, including such eventualities as long-term illness, nursing home or care fees and care of others including partners, parents and siblings.

27% who have yet to consider financial planning in later life admit they do not want to think about such events. 23% have not had time to think about their later life financial needs, and 19% prefer to take a short-term view of their finances and use the money they have for the present. 12% do not consider that this situation will affect them in the near future and believe they will have plenty of time to consider such planning going forward, while 7% do not consider later life financial planning as important.

43% of those who have yet to consider their financial planning in later life admit to having no idea how to finance such needs.

John Prout of NS&I says, "Planning financial needs for later life requires careful consideration in plenty of time. Understandably many people dislike thinking 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. Getting the right information as early as possible is to vital to making sure you get the best possible care you can in later life."