Independent Financial Advice for Social Care (version 1)
Research type
Research Study
Full title
Independent Financial Advice about Funding Social Care in Later Life - A Project Exploring Evidence and Practice
IRAS ID
219781
Contact name
Kate Baxter
Contact email
Sponsor organisation
University of York
Duration of Study in the UK
1 years, 1 months, 31 days
Research summary
Many people have to pay for social care themselves – about a quarter of people who get care in their own homes and almost half of those people living in care homes. People paying for their care often feel they don’t have enough personalised information about the long and short term effects on their finances, or on other financial options.
Since April 2015, councils in England have had to ensure that people know how to access independent financial advice about paying for social care. At the same time, changes to pension rules were introduced that enabled people to take tax-free lump sums from their pension pots early. This has raised concerns that some people may leave themselves short as they get older and perhaps need care.
Councils’ new obligations to let people know how to access independent financial advice raises questions such as: when is the best time to seek advice – at retirement, or when needing care, and is the best time the same for councils and those seeking advice? What might be the conflicts between the best interests of councils (that want people to save money to pay for care) and of people receiving financial advice (who may want to spend their money or protect it to pass on to family).
We aim to increase understanding and stimulate debate regarding independent financial advice about funding social care in older age. We will review published research and government policies, and interview people with experience of financial advice, including financial advisers, local council representatives, national leaders, and people who have received financial advice about paying for care.
At the end of the project we will hold a one-day conference to bring key people together to discuss the findings and think about how they might affect future plans for delivering financial advice.
REC name
Social Care REC
REC reference
17/IEC08/0007
Date of REC Opinion
16 Feb 2017
REC opinion
Favourable Opinion