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. But the shift in awareness and understanding required to tackle myths and 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. Get in touch, or find more information at www.powerofattorney.org.uk.