Almost four-fifths, 78%, of over 40s haven’t arranged a power of attorney with one in 10 assuming their partner of spouse will be given power of attorney automatically.
A third, 32%, said they haven’t appointed a POA because “I have full mental capacity”.
That was the most common reason for not doing so, in new research published by Canada Life.
Three in 10 (30%) said they haven’t appointed a POA because “I’ve never thought about it" while one in five (20%) said they haven’t because “I’m not in ill health”.
More than one in six (16%) said they haven’t because “I’m just procrastinating” while one in eight (12%) said they haven’t because “It’s too expensive/I can’t afford a solicitor.”
Interestingly nearly a quarter of respondents (22%) said that they have been appointed as a POA themselves. The top two most popular relations that these individuals are POA for are parents (49%) and spouses (27%).
Reasons for agreeing to be a POA were generally altruistic. More than half (52%) of those who are a POA, said they wanted to give their loved one/s peace of mind, and around four in 10 (42%) said they felt a sense of responsibility to do it.
Sentiment was also generally positive towards being a POA, with the majority (32%) saying they were comforted that they could help. Most (61%) said that on balance they were either really or somewhat glad to have agreed to be a POA. Only one in ten (11%) said they felt some level of regret.
John Chew, technical specialist – tax, trusts and estate planning, Canada Life said: “It is worrying that very few people have appointed a power of attorney, and it is furthermore problematic that many believe that having full mental capacity is a good excuse to put this off.
“In reality, if you get to a stage where you are incapacitated then it will be too late, and the Court of Protection will appoint someone on your behalf. This is why it is essential to start the process when you are in good health and can make your own decisions.”
In April the FCA told banks and building societies they need to make “improvements” when it comes to dealing with customers affected by bereavement or registering a power of attorney.
The FCA said that in some cases of bereavement and powers of attorney being invoked some individuals, or their representatives, were unable to access funds to pay essential bills.
The regulator said that its work on the Consumer Duty had highlighted that staff at some firms were unclear on the actions they needed to take and how quickly.
• Research conducted by Opinium, March 2025. Sample survey - 2,000 UK adults.
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