A survey of 401 financial advisers in summer 2024 highlighted significant differences in perceptions of health care costs and long-term care risks between advisers and households. While 60% of advisers regard long-term care affordability as a major risk, only 33% of older households share this view. Additionally, nearly half of advisers worry about clients' medical expense coverage, while only 24% of households express similar concerns. Interestingly, awareness of these risks seems lower in households with advisers, indicating a disconnect that could affect retirement planning and financial security.
The survey revealed a notable disconnect between financial advisers and households concerning concerns about long-term care and health care costs, highlighting differing risk perceptions.
While nearly 60% of advisers see LTC affordability as a major risk, only 33% of older households share this concern, demonstrating disparity in risk awareness.
Advisers show more acute concerns about healthcare costs, with almost half worried about clients covering medical expenses, compared to just 24% of household respondents.
Despite clients having advisers, many older households exhibit a lower awareness of healthcare risks and costs, suggesting the advisory relationship may not enhance risk understanding.
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