Britons are becoming more concerned about the financial, as well as physical and mental impacts of dementia, research has found.
As world Dementia Week takes place from May 13 to May 19, the World Health Organisation has warned of the significant impacts of higher-than-ever numbers of dementia, partly though better diagnosis but also as the global population ages.
Indeed, figures from a 2017 Imperial College London paper estimated that one person in the UK develops dementia every three minutes.
New research from Vitality, carried out by pollster Opinium among more than 2,000 UK adults, has found 48 per cent of Britons are worried about the impact developing dementia will have on them, particularly the impact it could have on their health, family and finances.
Alzheimer's is the most common form of dementia and, according to the WHO, may contribute to up to 70 per cent of all dementia cases worldwide.
As part of its research, Vitality explored the reasons behind why people worried about developing the condition, identifying the top three drivers being:
- The impact on their mental and physical health (72%)
- The additional pressures a diagnosis would put on their family (59%)
- Their ability to afford the necessary care costs (41%)
According to VitalityLife's managing director Justin Taurog, these findings should highlight the prime position the insurance and financial advisory industry is in to offer consumer’s support and peace of mind.
He said this would be important particularly when it comes to financial planning for any illness or health condition.
Taurog said: "As the number of dementia sufferers in the UK is forecast to double by 2040, the industry has an important role to play in ensuring that people are protected against unexpected costs of care."
According to latest figures from the WHO, dementia is one of the top areas for concern and is posing something of a global health crisis, as economies grapple to maintain the right levels of funding and support.
It is particularly problematic for women, the WHO said. According to the organisation:
- 55mn people have dementia worldwide, over 60% of whom live in low-and middle-income countries
- Every year, there are nearly 10mn new cases
- Dementia results from a variety of diseases and injuries that affect the brain. Alzheimer's is the most common form of dementia and may contribute to 60–70% of cases
- Dementia is currently the seventh leading cause of death and one of the major causes of disability and dependency among older people globally
- In 2019, dementia cost economies globally US$1.3trn
- Approximately 50% of these costs are attributable to care provided by informal carers (family members and close friends), who provide on average 5 hours of care and supervision a day
- Women are disproportionately affected by dementia, both directly and indirectly
- Women experience higher disability-adjusted life years and mortality due to dementia, but also provide 70% of care hours for people living with dementia
A previous study in 2024 from Vitality revealed that 74 per cent of people believed they would need some form of later life care, whether for conditions such as dementia, Parkinson's or Alzheimer's.
Taurog added: “Dementia has a huge impact on a person’s way and quality of life as well as having a significant impact on their friends and family.
"This is why it's critical to talk about the condition now and solutions that can help mitigate some of the associated financial stress.”
Find out more
Listen to this CPD podcast on advances in Alzheimer's research and the way in which specialist advisers and trained insurance professionals can step up to help clients experiencing cognitive decline.
