PRESS RELEASE 14 June 2013 NEW SYMPONIA SURVEY REVEALS LACK OF FAITH IN CARE FEES CAP, LEAVING MAJORITY

OF ELDERLY STILL RELYING ON SELLING HOMES TO FUND CARE FEES A recent poll, The Big Fat Care Fees Planning Survey, has highlighted the Coalitions grand scale task, when it comes to solving the crisis of elderly care in Britain. With an aging population that will see two million individuals over the age of 50 today live to be 100* and 10 million people alive today who will reach 100*, Symponia, the national professional body for care fees planning advisers, has carried out an extensive survey of its financial adviser members in order to build an in-depth picture of modern care fees funding in 2013. [*ONS data]. Carried out during May, the research looked at issues facing both the advisory community and their client families, as they struggle to map a way through the shifting landscape of social care reform at the hands a coalition government that can no longer ignore the worsening crisis of the care of Britains elderly population. One area covered by the research was the emotive issue of elderly people selling their homes to fund care costs;

61 per cent of respondents said that more than 70 per cent of their clients needed to do this, and a further 29 per cent said that between 50 and 70 per cent of their clients ended up selling their homes, giving a combined 90 per cent. The government claims that it wants an end to elderly people having to sacrifice their homes in this way and was keen to promote this message when it announced the Dilnot Care Cap of 72,000 earlier this year.
However, the research suggests that Symponia members are setting little store by the care cap to solve the problem; responses were mixed: 59 per cent - the largest group agreed with a statement that the care cap was a token gesture that would not help many people as it had been set too high. 20 per cent agreed that the only way to solve the crisis of elderly care in Britain is for people to take charge of their own destiny self funding is the way forward.

Only four per cent pledged their outright support of the cap and a further 17 per cent provided comments of their own.

And, in its recent Care Bill (published in May this year), the Coalition pledged to provide specific advice on how to access independent financial advice. Symponias research underlined just how urgent the need really is, as; When asked how many of their clients had an immediate need for care fees planning, 73 per cent of advisers said that seven out of every ten clients needed help immediately. When asked how many of their clients were seeking advice in their 60s or early 70s (ie, planning ahead), 73 per cent said less than a quarter of their clients did this, demonstrating the pressing need for government, charities and the financial services industry to unite in educating consumers to seek advice when they are relatively young and before they reach a point of crisis.

Commenting on the research, John Reid of AisaProfessional and the Symponia Member for Peterborough said: The survey builds a comprehensive picture and demonstrates that overall, financial advisers and their clients respectively, are not expecting the state to wave a magic wand to solve their future care needs. What shines out in the statistics most clearly, is that people are waiting until they are in crisis and/or distress before they seek advice. It is a true goal of mine and I am sure I speak for other Symponia members around the country to try and encourage people to start planning for their care needs in old age before they are thrown into turmoil and reach crisis point. It makes sense for people in their 60s and early 70s, when they are still relatively healthy, to take charge of their own care destiny. We cannot turn away from this; it is the ticking time-bomb that will eventually affect every single person in one way or another. By working in cooperation with financial product providers, charities and ultimately, government, the elderly care advice market can make a very significant contribution to the lives of elderly people and their families. ENDS For further information please contact: John Reid Tel 01603 466836

Notes to Editors About the Survey: The survey was issued to over 100 Symponia members, country-wide; 50 per cent of those contacted replied. All respondents are FCA (formerly FSA) approved financial advisers with the long term care qualification. Survey analysis was carried out by a third party. Data is available upon request.

About AisaProfessional : We are a fully independent firm of Independent Financial Advisers specialising in care for the elderly, estate, tax, investment and pension planning.