The financial services industry must adapt rapidly to accommodate the changing needs of an ageing population, according to the managing director of ING Australia, Harry Stout.
At a seminar staged jointly by ING, the Commercial Law Association of Australia and Gadens Law Firm, Stout said the “seven key financial risks of ageing” were longevity, inflation, investment, aged care and health, lifestyle protection, final expenses, and burial expenses.
“Quality financial advice will help individuals to minimise these risks and achieve their objectives,” Stout said.
RetireInvest adviser John Walker said the “financial requirements of those entering aged care include an upfront accommodation bond, ongoing basic daily care fees, income-tested daily care fees, extra services fees and the cost of personal needs”.
“But underpinning this is the emotional need for certainty, the issues surrounding leaving home or losing memory and mind, and questions such as who will make decisions and what will be left for their children,” he said.