Two thirds (66%) of over-45s who have helped organise later-life care for an elderly relative would welcome a referral to a financial adviser by the local council, according to new research.
A further 15% of carers surveyed by Just Group said they would contact a financial adviser when considering their own options for care in old age.
Just one in ten (11%) of those who had helped organise later-life care were supported by a professional financial adviser, according to the new research.
Mitch Miller, senior care product manager at Just Group, said the research showed huge untapped demand for professional advice around later-life care.
He said: “Currently financial advisers are not front of mind when people start looking for support and guidance for their later-life care planning but our research shows that, when prompted, most people are open to professional help to discuss their options.
“The earlier the care conversation happens, the better. It means people won’t face a sudden shock at the point-of-need and will have a plan in place to deal with the financial and logistical practicalities, which is helpful when managing the emotional stress associated with finding care.
“Advisers who have developed the required skills and qualifications are in a strong position to become the ‘go to’ experts in what is likely to be a growing business area in the years to come.”
Separate research from wealth manager St James’s Place found that advised clients were almost twice as likely to be saving for their own care costs in later life than their un-advised counterparts (28% vs 14%).
• Opinium surveyed 2,500 UK adults over the age of 45 on behalf of Just Group between 26 August and 12 September.