4 Awareness and use KEY FINDINGS Most Australians are aware that they can appoint someone to make financial decisions on their behalf, including in the future if they are unable to make decisions themselves. l l l Nine in ten (88%) Australians were aware they could appoint someone to make financial decisions on their behalf, including in the future when they are unable to make decisions. While most Australians are familiar with the terms ‘will’ and ‘power of attorney’, only half had heard of the term ‘enduring power of attorney’. Awareness about enduring powers of attorney builds with age, with only three in ten (31%) Australians aged 18-29 having heard of the term ‘enduring power of attorney’, compared to over seven in ten (75%) Australians aged 70 or over. FEPOAs are valued for providing peace of mind and control over who will make formal decisions. l l 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%). Rarely were FEPOAs seen as just a formality (9%) or having no value at all (5%). Despite this, most Australians have not been involved in an FEPOA and few have set one up for themselves. l l l Only 32% of Australians have been involved in an FEPOA either as a principal, an appointed decision-maker or in other ways. 68% have not been involved at all. One in eight Australians (13%) have been an FEPOA principal, either currently or in the past. Almost one in five (18%) have been appointed as a FEPOA decision-maker, either currently or in the past. 18% have been involved in some other way (e.g. as a witness or through their work etc). The majority of adult Australians (87%) have not set up an FEPOA for themselves. Those without an FEPOA most often simply have not thought to do it (38%) or feel they are too fit and healthy (32%) or too young (25%) to consider one. While the key driver for creating an FEPOA was to plan for the future, many were prompted to create one after someone else suggested it to them. l The most common reason cited for creating an FEPOA was to plan for the future (41%), but many were encouraged to create one after a professional (26%) or a family member or carer (25%) suggested it. Chapter : 4 Awareness and use 17