The big issues include housing, health, in house support and care.
16 Feb 2017
New research commissioned by Legal & General in conjunction with the Elderly Accommodation Counsel (EAC), reveals the big conversations that families are having about managing and supporting elderly parents and how they are planning the right balance of support and independence so crucial to later life. The big issues include housing, health, in house support and care.
The Elderly Accommodation Counsel (EAC) is a national charity that aims to help older people make informed choices about meeting their housing and care needs.
The research which sampled 1050 people revealed some key findings –
A core theme of the research is wellbeing which is influenced both by the age of parents and how far away they live from the family. Of those surveyed, respondents were also asked to rank a list of factors that, for them, constitute their parents’ wellbeing. The most important was being ‘safe at home’ closely followed by ‘well cared for’ and ‘healthy and active’. There was also a close interconnectedness within the family on what comprises ‘wellbeing’. 85% of respondents regard the wellbeing of their parents as either fundamental or ‘very important’ to their own wellbeing with a further 10% rating this as ‘important’.
John Galvin, CEO, EAC commented: “From our experience over the years of informing older people and those closest to them, we understand that family can be the greatest source of support and assistance in later life. The findings of this research, conducted on behalf of Legal & General, are therefore welcomed.
Through our independent advice service, we also understand that sometimes things can get to a point where additional advice and assistance is required for the carers themselves. We are therefore encouraged that Legal & General have conducted this research and are looking at new ways that they can continue to support their staff in the future.”
Graham Precey, Head of CSR at Legal & General said “We have held a close relationship with EAC since 2008 when we first funded their Elderly Accommodation Awards. We commissioned this research in 2016 to help us find out more about the pressures that affect working families who are caring for older parents including our own employees. What this research tells us is that families are increasingly concerned about their parents’ health and wellbeing in later life and how they are coping to manage the impacts of getting older, not only helping with day to day activities such as shopping and housework but also worrying about how to resolve the bigger issues such as their long term housing and health needs.”
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Elderly Accommodation Counsel (EAC) is a national charity, founded in 1984, that aims to help older people make informed choices about meeting their housing and care needs. Their HousingCare website attracts four million visitors each year and hosts a range of information about housing and care options in later life. In addition, EAC’s FirstStop Advice service offers bespoke advice and information to over 20,000 people a year.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023