AN alarming number of people are failing to plan ahead for the challenges they will face as they get older.
NS&I’s latest quarterly savings survey revealed that just under a third of Britain’s adults (31 per cent) do not know how they will finance their needs in later life.
Many people have failed to plan for such eventualities as long-term illness, nursing home or care fees. However, 26.7 million adults in Britain (54 per cent) have started thinking about their financial needs, while just over a quarter (27 per cent) of these adults have actually started to put financial plans into practice.
Over a quarter of Britons (27 per cent) who have yet to consider financial planning in later life admit they do not want to think about such events. Twenty three per cent said they have not had time to think about their later life financial needs, and just under a fifth (19 per cent) prefer to take a short-term view of their finances and use the money they have for the present.
A further 12 per cent don’t consider that this situation will affect them in the near future, and believe they will have plenty of time, while seven per cent of Britons do not consider later life financial planning as important. Forty three per cent admit to having no idea how to finance their needs.
John Prout, NS&I Retail Customer Director, said: “Planning financial needs for later life requires careful consideration in plenty of time. With people living well into their eighties, many more of us are likely to need care in the future.”