Why Plan Ahead? A Focus Group Investigation on Barriers in Advance Financial Care Planning.

Rates of advance financial care planning are low in the United States, increasing the risk of fraud, exploitation, financial mistakes, and loss of autonomy in later life. This study sought to identify older adults' perceptions and experiences with advance financial care planning to inform ways to motivate planning behavior and communication around future money management. Four focus groups were conducted in Baltimore, Maryland, with African American, Hispanic, low-income, and low–middle-income adults aged 65 and older. Data were transcribed, analyzed, and coded thematically. Five themes were identified: dignity , privacy , and independence ; lack of knowledge/resources ; prior experience ; social influence ; and family relationships. Findings suggest that older adults need education on advance financial care planning and that cultural differences affect motivation to plan. Financial advisors and other practitioners may leverage older adults' core values around dignity and independence to promote advance financial care planning, appealing specifically to the desire to reduce burden on future decision-makers and strengthen family relationships. [ABSTRACT FROM AUTHOR]