We recognise that in later life caring for your family and loved ones is very important. Organising your finances for your immediate family is usually something which is put off for a later date. We can help you prepare for the uncertainty of managing the finances of your previous generation of relatives so it doesn't come as a shock.
The value of an investment with St. James's Place Wealth Management will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.
Selecting the right care for ourselves, or a relative, is something few of us have experience of. After all, for most of us, it is something we may only have to do once. It is however a growing issue for many people in the UK and, as life expectancy continues to lengthen, it is something that an ever increasing proportion of the population will need to address.
If you are planning for your own care, the costs involved can be daunting to say the least. The average cost of residential care in the UK is currently estimated at £600 per week. If nursing is also required, this can rise to £841 per week. The average cost of care in your own home is £14.28 per hour*. However, these averages not only vary from region to region throughout the UK, but are suppressed by local authority rates, and fees of £1,000 to £1,250 a week are not uncommon. While the state can help with some costs, eligibility is limited and many people find themselves over the threshold at which state support is provided.
The subject of state care funding has received increased attention; and with 2020 expecting to see the launch of the delayed £72,000 care cap, introduced by the 2014 Care Act to limit the amount individuals will have to contribute to their care costs, this attention is likely to continue. However, while this is an important and welcomed step forward in the reform of adult social care, there remains considerable concerns that, for many, the real cost of care will far exceed this sum. It is, therefore, also welcome that the need for information and advice is acknowledged within the Care Act to be provided by financial advisors ‘trained to an appropriate standard’.
We hope this guide serves to point you in the right direction, and starts to take the stress out of assessing your options. When you are ready to take some decisions we hope that you will speak to your St. James’s Place Partner.