Advisers seek clarity on social care funding

Thirty-nine per cent of UK financial advisers view a new deal on social care funding as their number one priority for the next Budget, according to new research from Aegon.

The pension and investment provider suggested that uncertainty over the future direction of social care and its funding has caused the issue to become a national conversation and led to ‘increasing frustration.’

Aegon conducted a January survey amongst 220 financial advisers in the UK, which also revealed that changes to pension tax relief received the second highest number of votes with 27%, while finding a pension solution for the self-employed was in third and the top choice for 18% of advisers.

The survey found that just 4% of financial advisers had cited the extension of auto enrolment as their top priority.

“If new Chancellor Rishi Sunak’s Budget is to truly set out plans for a ‘decade of renewal,’ it should be used to announce bold reform and put some meat on the bones of manifesto promises,” Aegon pensions director, Steven Cameron, commented.

“With Brexit now at least on the way to being ‘done’ and with our population living longer, now is the time to tackle the UK’s biggest challenges in pensions and social care funding.

“Perhaps unsurprisingly given the length of time it’s taken, the runaway issue that advisers most want clarity on is a new deal on social care funding. The issue affects millions of individuals looking to find and fund appropriate care either for themselves or a family member, so the Government needs to be bold and deliver on its commitment to reforming social care.”

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