Only 7% of those looking at long term care (LTC) would consider asking an IFA, with only banks considered less.
Results from Partnership's Partnership Care Index found non-financial organisations are the most likely places for those questioned to turn to for advice on long-term care funding.
Charities including the Citizen's Advice Bureau and the local council / social worker cited as the most likely options. Only 11% of the consumers surveyed said that they would turn to solicitors for advice on long-term care, and only 4% mentioned that they would go to their bank.
Chris Horlick, Managing Director Care at Partnership, said it was a matter of concern that so few would turn to financial advisers.
He said: "In 2009 out of the 53,000 self payers who entered residential care only 7,000 received advice from an appropriately qualified financial adviser. In the absence of appropriate financial advice self payers - who constitute 41% of all people in residential care - may purchase the wrong financial product to cover the costs of care fees or even not purchase one at all.
"It is hardly surprising that it is estimated that as many as 25% of self funders, deplete their funds and fall back on the state. It is estimated that this costs local authorities £1 billion a year in England alone.
If you needed to go into residential long-term care, where would you go for advice on how to fund the cost of it?
- Citizens Advice bureau 46%
- Local Council 44%
- GP 27%
- Family 24%
- Charity 13%
- Solicitor 11%
- IFA 7%
- Bank 4%
Partnership is encouraging IFAs to actively engage in the LTC market, noting that, typically, it is the children of those people going into care, aged 45 or over, who make the key financial decisions about how to fund care for their parents.
The number of people aged over 85, set to almost double in the next 20 years, according to the Office of National Statistics.
