KEY FINDINGS 1. Most Australians are aware that they can appoint someone to make future financial decisions on their behalf, including in the future if they are unable to make decisions themselves. a. Nine in ten Australians (88%) were aware they could appoint someone to make financial decisions on their behalf, including in the future when they are unable to make decisions. b. While most Australians are familiar with the terms ‘will’ and ‘power of attorney’, only half had heard of the term ‘enduring power of attorney’. c. Awareness about enduring powers of attorneys builds with age, with only three in ten (31%) adult Australians under 30 having heard of the term ‘enduring power of attorney’, compared to over seven in ten (75%) Australians aged 70 or over. 2. FEPOAs are valued for providing peace of mind and control over who will make formal decisions. a. FEPOAs are generally valued by Australians for providing peace of mind (65%) and allowing a principal to have control over who will make formal decisions on their behalf (61%). b. Rarely were FEPOAs seen as just a formality (9%) or having no value at all (5%). 3. Despite this, most Australians have not been involved in an FEPOA and few have set one up for themselves. a. Only 32% of Australians have been involved in an FEPOA either as a principal, an appointed decision-maker or in other ways (e.g. as a witness, through work etc). 68% have not been involved at all. b. The majority of adult Australians (87%) have not set up an FEPOA for themselves. c. Those without an FEPOA most often simply have not thought to do it (38%) or feel they are too fit and healthy (32%) or young (25%) to consider one. 4. There are significant gaps in Australians’ knowledge about FEPOAs and the rights and responsibilities of principals and appointed decision-makers. a. Very few Australians (6%) felt they knew a lot about FEPOAs and over a third (35%) felt they had no knowledge at all, including some who were involved in an FEPOA. b. Only one in four (23%) Australians correctly identified that an FEPOA cannot be made after the principal has lost capacity to make decisions. c. When principals and appointed decision-makers were tested on their knowledge: i. one in five (21%) incorrectly thought that an appointed financial decision-maker can decide who can visit the principal ii. one in six (16%) incorrectly thought that an appointed financial decision-maker does not need to keep records about their decisions iii. seven in ten (70%) understood that an appointed financial decision-maker must act in the interests of the principal and must not mix their money or property with the principal’s. d. Principals were most likely to report knowing a lot about FEPOAs, but they were also the most likely to select incorrect answers when tested on their knowledge. Chapter : 2 Executive summary 9