Power of Attorney, why public engagement is so low and why that matters

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Power of Attorney (POA) is a way for a person to give someone they trust legal authority to make financial, property, health and welfare related decisions on their behalf.  They are arguably more important than wills, as they can affect your quality of life, from the ability to pay bills or decisions around healthcare, during your lifetime. 

Yet awareness and prevalence of POA is low; 

• 13% of adults say they know a lot about Power of Attorney 
• Only 8% say they have an up to date POA in place 
• 45% have never thought about putting one in place 

But importantly new information can help; 

• 77% of adults responded positively to a short education statement  

Why does this matter? 

Phoenix Group’s Caring for Carer’s initiative aims to help millions of people who work and care for someone to better balance some of the challenges they might face, be they personal, financial, professional or emotional.  Many of the 5.8 million unpaid carers in the UK are regularly helping the person they care for with their finances.  

We believe it’s vitally important to tackle the high levels of inertia and misunderstanding around POA, and to do more to support people to put them in place for themselves and for others around them earlier in their lives.  

Read our briefing paper

Businesses, government and civil society all have a role to play in helping people be better protected to manage their finances and health.  If you have examples of good practice or share our interest in taking action and making progress on this, please email catherine_sermon@standardlife.com