Two-thirds of pensioners do not have adequate finances to meet their social care costs.
This is the view from the Liberal Democrat party following research into the subject which revealed 66 per cent of the UK’s pensioners will face difficulties in meeting the payments.
Commenting on the research, SHIP, the equity release trade body, said the problem could be met by the £907 billion that is currently tied up in the homes of the over-65 population.
Andrea Rozario, the organisation’s director general, said: "Equity release could not only help to fund private insurance schemes as proposed by the Conservatives, but could also provide a wider choice of care options all-round.
"Communication and co-operation between consumers, intermediaries and providers is of paramount importance for people to fully understand the benefits of equity release. We hope that all parties will take this opportunity to work with the private sector to develop workable solutions to the very real care funding crisis the country faces."
