Advisers dismiss Dilnot care cap as 'token gesture'

clock

Most elderly people will be required to sell their homes in order to afford to fund care costs, according to care fees planning advisers.

More than 60 of the 100 IFAs surveyed by Symponia said 70% of their clients would have to sell their home in order to be able to fund care costs.

A further 59% of Symponia members dismissed the introduction of the Government's care cap as a "token gesture" which will not be enough to help a large number of people.

The Dilnot cap was aimed at helping to reduce the number of people having to sell their homes to meet care costs.

Chancellor George Osborne announced as part of the March budget plans to cap social care costs at £72,000 rather than the planned £75,000 in 2016.

Symponia member for Nottingham Cockburn Lucas said: "The survey builds a comprehensive picture and demonstrates that, overall, financial advisers and their clients are not expecting the state to wave a magic wand to solve their future care needs. 

"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."

More on Long Term Care

Unpaid carer referrals highest in five years: RedArc

Unpaid carer referrals highest in five years: RedArc

37% rise in referrals year-on-year

Cameron Roberts
clock 09 June 2026 • 1 min read
British Friendly launches Lifetime Care Plan

British Friendly launches Lifetime Care Plan

Fifth provider to enter the market

Jaskeet Briah
clock 01 June 2026 • 2 min read
Half of adults have no financial plan for future care costs

Half of adults have no financial plan for future care costs

Zurich research findings

Jaskeet Briah
clock 20 May 2026 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read