A solicitors organisation has warned that over a third of the UK is unprepared for later life.
In a report released today, the Solicitors for the Elderly (SFE) claimed that millions have not yet taken the appropriate steps to prepare for a situation where they no longer have capacity.
The organization warns that of those Britons who have a high risk of future incapacity, 12 million have not yet made plans to ensure their decisions are made in line with their wishes by appointing a Lasting Power of Attorney (LPA).
Alongside an ageing population, the future of the public as they enter old age is high on the agenda, with the pressures of social care and health during later lift regularly hitting the headlines. The release of the report comes in the run-up to the long-awaited government Green Paper, which has now reportedly been scheduled for publication in the Autumn.
Published in conjunction with the Centre for Future Studies, the report outlines its research findings in relation to the number of people likely to develop dementia in future. It states that whilst around 12.8 million people aged 65 are over could develop the condition, only 928,000 LPAs have been registered at present. Going by these figures, 13.2 million people will be at risk of developing dementia in 2025, but the forecasted number of LPAs registered is somewhat lower at 2.2 million.
What’s more, the report also indicates that over a third (36%) of people have not made any plans for later life whatsoever, including things such as writing a will, saving for retirement or contributing to a pension.
Commenting on the findings in the report was Lakshmi Turner. The CEO of SFE said: “As a nation we are living longer, which is a testament to healthier lives, including better health and social care. On the other hand, more of us face conditions that limit and ultimately halt our ability to make our own decisions, which is known as a loss of mental capacity. At this point, most of us expect trusted family or friends to step in and make decisions for us – to ensure our wishes are carried out. However, this often isn’t possible unless we’ve planned ahead.
“More and more of us are getting wills in place to set out our wishes after death. Some of us are putting plans in place for our finances and assets should we face a loss of capacity. However, far too few of us are planning ahead to set out our wishes for our health and social care should we lose capacity.”
The report can be accessed here.
One Response
A lasting power of attorney can be prepared but does not have to be registered until it becomes necessary. Thus the figures in this report are somewhat misleading.