STEP responds to reports of government social care funding plans

Following reports that the government is to bring forward a plan for the long-term funding of social care, Emily Deane, Technical Counsel at STEP, comments:

“The social care time bomb has been ticking for a long time and we’re pleased to see the government finally taking action. Any commitment to tackling social care funding is to be welcomed, given our ageing society, and we hope this proposal will give certainty to people so they can plan for the dignity they deserve in later life.

“However, any additional funding needs to go hand in hand with an overhaul of the complex existing care funding legislative framework, which amounts to a postcode lottery based on the attitudes of local authorities. This creates an impossible position for everyone – councils, the public and advisors alike – and has been a serious source of concern for many elderly people thinking about their future care needs.

“The government must also ensure that its proposed solution offers more than a short-term fix. Younger people today face the prospect of not being able to attain the same levels of prosperity as older generations and we need a major policy debate to find ways of redressing this imbalance.

“Financial planning earlier in people’s lives can play a hugely important part in addressing the problem and we hope this will form part of future discussions.”

This Week’s Most Read

Latest IFA Magazine Podcast Episodes

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine