“If to do were as easy as to know what were good to do, chapels had been churches, and poor men’s cottages princes’ palaces”, Portia (the heroine of Shakespeare’s The Merchant of Venice) added to the introduction of her key note speech on long-term care.
“Now, to Prezi or not to Prezi, that is the question,” she ummed as the Blackberry blinked new business.
Sixty-seven per cent of advisers we spoke to as part of our Retirement (R)evolution research believe that there will likely be increased demand for advice on long-term care in the next twelve months.
Furthermore, 64 per cent of advisers plan to become more active in the area.
Great. Currently only about one in four self-funders seek professional financial advice but under the new Care Bill it is expected that councils will have to be more active in providing information and signposting to sources of expert care and financial advice. And YouGov research indicates that 63 per cent of people facing the challenge of funding care would want professional advice.
But further exploration reveals that, despite best intentions, most advisers lack specific plans. It’s on the to-do list.
A recent LinkedIn survey found that over 60 per cent of professionals reported creating to-do lists, though curiously, only 11 per cent of people said they actually got through everything on their lists. Research from IDoneThis, found that when they had a to-do feature, 41 per cent of to-dos were never completed.
In other words, our to-do lists don’t reflect what we actually intend to do. They reflect the things we think we should do, or that someone else has told us we are supposed to do.
They contain items that we would tackle in a different universe, or if we were different people.
That is all very nice, but there is no virtue in setting an assignment for yourself that you intend to ignore.
Putting an item on your to-do list, and then not doing it, is the same as not putting it on the list in the first place.
In a way, it is worse, because it creates the illusion of progress, while simultaneously reminding you daily of how you are falling short.
The real challenge is that, pre-funding long-term care is just not seen as important enough for those who have wealth; and for those that don’t there are more immediate calls on their money.
As American consultant Warren Bennis says: “Power is the capacity to translate intention into reality and then sustain it.”
Phil Wickenden is founder of So Here’s The Plan – firstname.lastname@example.org and @PhilWickenden