A recent survey by AMP asked Australians aged 65 and over their thoughts about aged care. Not surprisingly, most feel unprepared and had widespread financial concerns.
The majority of older Australians are keen to avoid residential aged care, with seven in 10 against moving in to an aged care home. More than half of those surveyed indicated they would prefer to receive aged care at home if it was necessary. However, the costs associated with either option remain a significant source of anxiety.
Financial planning for aged care can be complex.Credit: Getty Images
The cost of aged care is not only a personal worry but also a generational one, as three-quarters of respondents expect that paying for aged care will diminish their wealth and affect their children’s inheritance. One in three respondents are worried that their aged care costs could place undue financial pressure on their family.
One of the key findings of the research is the lack of understanding........