As the need for aged care grows, so too does the need for specialised aged care financial advice.
Estimating that less than 10% of advisers regularly provide aged care advice, Challenger is calling on financial advisers to become more educated on the subject so as to effectively embrace the opportunities arising from the number of Australians living longer.
The number of Australians aged over 85 is expected to increase by 35% in the coming decade. Adding to this, the need is further compounded by the number of dementia cases in Australia having also grown, with about half of all residential aged care residents living with the neuro-degenerative disorder.
The retirement specialist has launched a campaign to support advisers in broaching the subject of aged care with clients, comprising travelling workshops, webinars, and online tools and resources. There will also be an advertising campaign aimed at increasing adviser awareness.
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"The time when Mum or Dad need aged care, whether in residential aged care or their own home, is highly stressful for many families. Good financial advice makes a difference," Challenger chief executive - distribution, product and marketing, Richard Howes said.
He said there is a role for advisers to play in assisting clients in planning ahead and achieving better outcomes, given they often seek advice late in the process.
"In 2016-17, over 1.3 million people received some form of aged care. Clearly, there's an opportunity and a need for more advisers with the capability to advise on the financial aspects of aged care," Howes said.
The workshops will be hosted in New South Wales, Queensland, South Australia, Victoria and Western Australia.