Only four per cent of over 50s would consider contacting a financial adviser regarding long-term care funding and the majority do not have a clue where to find one, according to Partnership.
But research by the long term care provider also revealed the majority have no realistic idea of how much it will cost.
This supports the theory discussed at a COVER long term care breakfast briefing that IFAs could be missing out on a share of a £100m market.
Two-thirds (65%) of the 467 adults aged over 50 interviewed think care home fees are less than £30,000 per year, while a third believed it was less than £20,000 per year and 12% suggesting less than £10,000 per year.
This could leave many people running out of money and needing to fall back on the state or spending more than they should, as the provider estimates the cost for many quality homes being £50k or above per year.
Alarmingly most people do not know about any of the funding products available (76%), and when prompted, only 12% had heard of a long term care annuity.
However, the study shows that the majority (53%) would instead sell their homes to pay for care, rather than fund the costs through a financial plan on the back of professional advice.
Despite being a long way out on the costs of residential care, people were closer to the mark when it came to their life expectancy.
The survey, conducted by GfK NOP for Partnership, found that people were surprisingly accurate in their estimation of how long they are likely to live (into their 80s), how many will go into care (roughly 40%) and optimistic in their estimation on how long for (approximately five years).
The reality is two years on average but four years plus for self-funders, with one in ten living for eight years in care.
Only 11% said they would contact their local authority for advice and information about funding the cost of care, while only 4% would contact a financial adviser and 3% would contact a care home.
Chris Horlick, managing director of care at Partnership, believes advisers are just not on the radar when it comes to this sector of the market.
"It is a measure of how far down the awareness process this vitally important area for advice to elderly people has slipped," he says.
"If people are not properly prepared for the cost of care they could run out of money and have to fall back on the State, or end up spending far more than they need to on fees, and in some cases people may have to change care home, which is extremely traumatic for the elderly.
"Educating these people as to where and how to harness professional financial advice must surely be a priority for this cash strapped Government," he adds.
