Nearly a quarter (24%) also believe the £72,000 cap on individual contributions to long term care costs was too high.
Nigel Waterson, chairman of the Equity Release Council, said: “The Joint Committee is to be applauded for recognising that the availability of information and advice will be vital to support the eventual Care and Support Bill’s vision for funding long term care. We fully endorse the recommendation that financial advice is included among the guidance that local authorities are duty bound to provide, and that this is made available via expert advisers who are regulated by the Financial Services Authority."
Timed to coincide with the publication of the Draft Care and Support Bill the research found feeling is strongest among the over 60s.
Almost half (45%) of over 60s said they felt the government should meet the full costs of late life care and 37% said the £75,000 cap is too high.
The survey also found that one in five UK adults back the Dilnot Report’s recommended £35,000 cap on long term care costs with 17% having said support for care costs should be means-tested.
Waterson added: “The call for government to lead a broader campaign that raises awareness of the national care and support offer is also an essential part of tackling this pressing need. It is vital that people are given the information they need to understand the care and support available from the state and to plan ahead for making their own financial contribution towards the overall cost.
“Within this, information on equity release needs to be made available both to individuals, through advisers, and to the general public by the government, local authorities and other sources. When many people’s homes are their largest asset the ability to release equity in a safe and regulated way without fear of losing their home or owing more than its value, will help many to answer the challenging question of how they will pay for care in later life.
“Focusing on products and services from organisations which operate under the Council’s Code of Conduct will also ensure that consumers receive the highest quality of advice and protection.”
