In response to the three main parties' manifestos, SHIP has issued its own 3-point plan of action for the future Prime Minister and his government that takes into account education, communication and co-operation.
Education: SHIP considers early financial education to be essential in breaking the cycle of mistakes in the future. Children should be taught about finance whilst at secondary school. By teaching them the basics of finance, such as mortgages and the importance and impact of saving for retirement early, everyone should have a sense of responsibility for their financial wellbeing later in life, rather than relying solely upon the State.
Communication: SHIP asks that people are encouraged to consult qualified financial advisers when making decisions. The earlier they seek advice and talk about funding their retirement the more prepared they will be able to fund the lifestyle they require in retirement and any social care needed.
Co-operation: SHIP believes that the government must work with the retirement industry to fully understand all of the options available for financially supporting Britain's ageing population. Equity release can play a valuable role in funding social care and retirement, whilst allowing people to stay in their own homes. The government needs to engage with providers in order for solutions to be found that benefit the changing needs of the customer.
"All of the political parties have made moves to address the problems facing our ageing population. However, these must be more than soundbites to woo voters in the run up to the election" said Andrea Rozario, director general of SHIP.
"All policies and the plans to finance them should be clearly outlined. Will they cope under the strain of an increasingly older population, and who will the cost fall upon? By working with the industry, whoever is in power after May 6, will have a better understanding of equity release and the possibilities it offers."
