4.1 Awareness of FEPOAs Nearly nine in ten Australians (88%) were aware they can appoint someone to make financial decisions on their behalf, including in the future when they are unable to make decisions themselves. Similarly, nine in ten Australians (90%) had heard of the term ‘power of attorney’, but only half (51%) had heard of an ‘enduring power of attorney’. Q5 Figure 1 – Familiarity with key terms 92% 90% 60% 51% 29% 26% 2% A will A power of attorney Guardianship An enduring power of attorney An advance care directive Enduring guardianship None of the above Q.5. Which of the following have you heard of? Please select all that apply. Base: Nat rep sample n=2,496 The data revealed that awareness of the term ‘enduring power of attorney’ builds with age; with only three in ten (31%) Australians aged 18-29 having heard of ‘enduring power of attorney’, compared to over seven in ten (75%) Australians aged 70 or over. Those who had lower awareness of the term ‘enduring power of attorney’ were more likely to live in lower socio-economic and metro areas. 4.2 Value of FEPOAs When asked what the value of an FEPOA was, the two most popular responses were peace of mind (65%) and having control over who will make formal decisions (61%). Rarely were FEPOAs seen as just a formality (9%) or having no value at all (5%). ‘It gives me peace of mind that this aspect of my life will be well addressed when the time comes’ – Principal, FEPOA not in use ‘I needed one after I had a stroke and appointed my wife. It was an easy decision and had no downside. Her ability to know my needs and heartfelt wishes [sic] made her the only person I trust.’ – Principal, FEPOA in use 18 Empowering futures: A national survey on the understanding and use of financial enduring powers of attorney