The Chartered Insurance Institute (CII) is encouraging its members to start a conversation with their family and friends about later life and care funding.
This is part of the CII’s involvement in Talk Money Week, which will run until Nov. 12. The week’s goal is to reduce the stigma around money matters by encouraging families, friends, neighbours, customers, colleagues and communities to engage in conversations on the topic.
To kick-start the discussion, the CII has recommended that insurance professionals read its publication, Guide to Later Life: Starting the Conversation, and begin a conversation with their own friends and family members. According to the CII, talking openly about money can greatly help in addressing financial worries and help achieve better health and relationships. This is especially important due to the impact of COVID-19 on Britons’ financial, social and mental wellbeing.
“Talk Money Week provides a key opportunity for the nation to break the taboo of discussing money and finances,” said Caroline Siarkiewicz, chief executive of the Money and Pensions Service, which leads Talk Money Week. “We are pleased to see so many organisations encouraging conversations about money – from pocket money to pensions – to help people across the country make better informed and more positive decisions about their finances.”
The CII’s call comes after its survey of 2,000 consumers in December found that people who discuss care plans with their wider family feel reassured by talking about the issues and coming up with a plan.
“Starting conversations about later life and care funding sooner rather than later enables you to focus on enjoying your life in the sure knowledge that you have the appropriate plans in place to deal with later-life needs,” said Matthew Connell, director of policy and public affairs, CII. “It is never too early to start planning for later life but, sadly, all too many people every year find it is now too late to widen their options for care as they sleepwalked into a funding crisis.”
