How a Power of Attorney can help people prepare for the unexpected

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Life is far from straightforward, and the journey to and through retirement can be full of big changes affecting people and their finances – like dealing with an accident or illness, or becoming a carer for someone they love.

A Power of Attorney can make life simpler for people and those close to them. Setting up a Power of Attorney means choosing someone you trust to step in and make decisions around your finances and care, if you're no longer able to. 

The bottom line is, a Power of Attorney can provide a vital safety net. It can also give people confidence that, no matter what happens in life, their wellbeing and finances will always be in the hands of someone who knows them best.

 

Power of Attorney: misunderstood and overlooked

Research by the Standard Life Centre for the Future of Retirement has revealed worryingly low levels of awareness and understanding around what Power of Attorney is.
 

 

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The research also highlighted a range of misconceptions that people have around Power of Attorney. Many falsely believe their next of kin would have final say over their hospital treatment regardless of whether they have Power of Attorney, or that they’re too young to put one in place.

Helping people prepare for the unexpected

We want to help more people understand why having Power of Attorney matters. That’s why we’ve teamed up with Carers UK, one of our corporate charity partners, to launch Power of Attorney Day (22 April), a national campaign to help raise awareness of this important safeguard. 

Our partnership with Carers UK is a key part of our Caring for Carers initiative, which aims to drive meaningful change and make a lasting impact on the lives of unpaid carers. 

As part of the Power of Attorney Day campaign, we've helped bring together a number of financial services organisations and related partners to help dispel misconceptions and collaborate on a unified message that can reach as many people as possible.  

Our shared aim is to inform, empower, and engage the public, encouraging more people to put the right protections in place for themselves and their loved ones.  

Our dedicated page explores why people should know about why people should know about Power of Attorney. 

You can find out more information about the national campaign on the Power of Attorney Day website.