ONS data suggests that the probability of reaching 90 years old is higher for women, with one in three females born in 2017-19 likely to celebrate their 90th birthday, in contrast to one in five males.

In addition, women make up the majority of informal carers in the UK and a recent study from Survation suggested that women are more than twice as likely to have been forced to leave their job and see their income fall due to unpaid caring responsibilities.

Changing perceptions

Historically, most people would not make preparations for care fees. However, more recently, consumer perceptions are changing, in part due to the pandemic, which has shone a spotlight on the cracks within the NHS and social care systems.

Given the importance of planning for longer lives combined with increased consumer awareness of later-life issues such as care, financial advice has a key role to play in helping individuals navigate their retirement demands, which should include planning ahead for potential future care needs.  

Care is a taboo topic for many families and perhaps one of the easiest ways to at least start conversations is to discuss the importance of lasting powers of attorney.

In my opinion, these are as important as wills but should lead very naturally onto a conversation about the issue of care.

One thing is certain, the earlier these conversations start, the better.

simoney.kyriakou@ft.com