Future-proofing your finances

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Who would help you with your finances if you couldn’t do it yourself?

Our research found people are significantly under-prepared for life circumstances that could mean they temporarily or permanently can’t manage their money themselves.  Only 8% of the population say they have an up-to-date Power of Attorney (POA) and 45% have never thought about putting one in place.  Yet this is a critical step people can take to future-proof their finances.

As we reflect on these challenges and what we can do about it, I believe Power of Attorney Day on 22nd April can be a powerful catalyst for change.  We are delighted to be supporting Carers’ UK with this national awareness day and keen to encourage everyone – whether as individuals, families, carers, employees, or organisations to get involved. 

Financial services alongside health and care are key sectors where people experience significant challenges if they don’t have Power of Attorney in place.  From paying bills whilst someone is in hospital, to accessing a pension to pay for care costs, protecting someone you care for from scams, or trying to cancel subscriptions someone no longer needs, we have heard countless stories where not having POA in place has added stress, cost, complexity and time to what is often already a very difficult situation. 

It's exciting to see many different stakeholders sharing plans for how they will get behind Power of Attorney Day on 22nd April.   We’re working with colleagues at Standard Life to bring this to life for our colleagues and our customers. We are focusing on tackling widespread myths.  Too often people assume incorrectly that being young, or someone’s next of kin can negate the need to put Power of Attorney in place.  Our research showed that people respond positively to receiving new information, and that it can make Power of Attorney feel more relevant to them.

The shift in awareness and understanding required to tackle these misconceptions across the UK is huge. No one organisation can do this alone.  So, I urge everyone reading this to consider what you can do to share this message with your audiences. Find more information at www.powerofattorney.org.uk.   

There's a Get Involved section: https://www.powerofattorneyday.org.uk/getting-involved/

And a Sign Up to keep informed here: https://www.powerofattorneyday.org.uk/#Signupform