Older Australians feel financially unprepared for aged care: survey
A new survey of 2,000 Australians by financial services provider AMP has found most older Australians aren’t ready to move into aged care, with over half ‘concerned’ or ‘very concerned’ about making the transition.
Almost one in three were worried about the burden of aged care cost on their children, despite Treasury’s Retirement Income Review revealing many older Australians are passing away with the bulk of wealth they had at retirement intact.
AMP’s Director of Retirement Ben Hillier said the survey showed older Australians lacked confidence in the aged care system and feel they don’t understand it.
“It’s a bewildering system to them and from our perspective they’re unduly worried about what the implications of it are,” he said.
“They are worried about whether they can afford care. They are worried about relocating and they prefer to be ageing in their own home. They are worried about how they’re going to fund aged care and then pass on their intergenerational wealth to their children.”
Half of the over-65s surveyed didn’t understand what Government assistance would be available to them in their transition into aged care.
However, more than eight in 10 were confident their children would make the right decisions on their behalf about aged care, if needed.
The reality is that many of us won’t enter residential aged care and will be able to age at home with care and support.
But you and your family should always be prepared for every scenario.
This is why we developed AgedCare101.com.au so everyone has access to an easily understood guide to aged care.
Check out our comprehensive nine steps to aged care – understanding the steps now could save you and your loved ones a great deal of anxiety in the future.
