30 Jan Power of Attorney applications forecast to top 1 million for first time
It’s estimated that over a million people have registered for a power of attorney in 2023, driven by the UK’s ageing population.
The research comes from Final Duties, the UK’s most experienced probate brokers, who analysed data on the number of applications made for power of attorney over the last decade*.
Appointing a power of attorney gives someone else the legal authority to make decisions on your behalf. It’s commonly used in cases where a person is suffering from issues like dementia, or if they’re in a situation where they could end up losing their mental capabilities down the line.
Applications spike in 2023
The analysis by Final Duties estimates that the number of power of attorney applications surged by a third (33.3%) in 2023 to around 1.14 million, up from 852,000 in 2022 – passing the 1 million barrier.
2023 was the third consecutive year that applications increased, as they rose by 19.1% in 2022 and 5.5% in 2021 – recovering after a pandemic-induced lull in 2020.
In the past 10 years there’s been a huge surge in the number of applications, as there were just 274,000 in 2013.
Ageing population and rising dementia driving factors behind increase
This increase has been largely attributed to both an ageing UK population and an increase in the prevalence of dementia.
Figures from the 2021 Census from the Office for National Statistics show that the proportion of the population aged over 65 rose from 16.4% in 2011 to 18.6% in 2021.
It’s also estimated that one in 11 over 65s suffer from dementia, highlighting why registering for a power of attorney is becoming more common.
In fact, research by Alzheimer’s Research UK shows that some 944,000 people in the UK had dementia in 2021, up 6% from 829,000 in 2018. Sadly, this is expected to exceed 1.1 million by 2030, before rising to 1.6 million in 2050.
Jack Gill, managing director of Final Duties,
“The baby boomer generation is ageing and the unfortunate consequence of this ageing population is an increase in prevalence of dementia within our society.
This has naturally led to a spike in the number of applications being made for power of attorney, as those suffering from dementia appoint a trusted loved one to act on their behalf in anticipation of a time when they are no longer able to do so for themselves.”
