Lack of trust in relatives leaves adults unprepared for later life
18 February 2019
- 79% of over 45 year olds don’t have a lasting power of attorney in place
- 44% wouldn’t fully trust a close relation to manage their finances for them
- 35% say there’s a specific loved one they wouldn’t trust to give power of attorney to
UK adults are putting off preparing for later life, explaining they can’t trust family members to manage their finances for them.
A study from Co-op Legal Services reveals that over three quarters (79%) of over 45 year olds do not have a lasting power of attorney in place.
Furthermore, three quarters (74%) of people aged between 65 and 74 and two thirds (67%) of people aged 75 to 84 also do not have a lasting power of attorney in place.
Perhaps to blame for the lack of later life planning, a third (35%) of over 45 year olds say there is someone in their family they wouldn’t trust to give power of attorney to.
Furthermore, when UK adults were asked how they feel about a family member having access to their finances, just half (56%) said they would fully trust them.
Over a tenth (14%) feel their loved one isn’t responsible with their own money and so wouldn’t trust them to manage theirs for them. A further tenth (11%) said they’d worry that their family member would borrow money and not return it.
In terms of those relations over 45 year olds deem least trustworthy, almost a third (29%) wouldn’t trust a friend to manage their finances for them. A fifth (19%) would have concerns over a sibling managing their money and a further fifth (18%) wouldn’t trust their sons or daughters.
Despite this lack of trust, two fifths (37%) of adults who haven’t yet appointed a power of attorney, say they do still intend to put the important document in place. However, a third (35%) say they’re not interested in doing so.
James Antoniou, Head of Wills at the Co-op said:
“It’s concerning that so many people are not protecting themselves by properly planning ahead for later life.
“Whilst our research shows that part of the reason is due to people not knowing who to fully trust to make important decisions on their behalf, there is clearly still a serious lack of awareness of the importance and benefits of putting a Lasting Power of Attorney in place.
“A Lasting Power of Attorney is a legally recognised way for a person to choose trusted individuals to make decisions about their finances and also their personal welfare which, most importantly, continues in force even after that person becomes unable to make such decisions themselves.”
Ends
Notes to Editors:
Research was conducted on behalf of Co-op among 2000 over 45 year olds by Atomik in December 2018.
Media contacts:
Emily Penkett: Emily.Penkett@coop.co.uk / 07738621201
Sarah Pyatt: Sarah.Pyatt@coop.co.uk / 07850 002 312
About Co-op:
The Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance, legal services and an online electrical store. It has a clear purpose of championing a better way of doing business for you and your communities. Owned by millions of UK consumers, the Co-op operates 2,500 food stores and over 1,000 funeral homes, with more than 63,000 colleagues and an annual revenue of £9.5bn.