Advisers dismiss Dilnot care cap as 'token gesture'

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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."

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