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If you’re covering today’s figures on social care expenditure please see the following comment from Tracy Crookes, financial planner at Quilter:
“While it is unsurprising the cost of social care is going up, the more worrying trend is the figure that the number of people receiving long term care has dropped. This is despite the fact the number of requests has increased to an extra 195 per day. This is not just a statistic, however. These are elderly people desperately in need of long-term support being turned away because the system is broken.
“Navigating the current social care system is overwhelming complex, made worse that the people who have to navigate it are generally already overwhelmed with numerous emotional and financial difficulties. The means test for care has many nuances, for instance the type of assets held by an individual and the type of care needed significantly affect eligibility. If an individual needs care at home, the value of their house is not counted towards their assets. If they need care in a care home, the value of the home is included (unless, for example, a spouse is living in that home).
“The level of complexity means there is room for interpretation by local authorities and given they are cash-strapped they may be taking a hard line. But their assessments are not always right. In fact the figures from the Ombudsman show if you challenge their decision there is a high likelihood the decision will go in your favour. Going through the hassle can be time-consuming but it is worth it to get the funding from the state that you deserve.
“Despite the clear problems we still have not seen any concrete solutions presented by the government on how they plan to fix it. This ultimately means that family and friends are left to pick up the pieces and millions of unpaid carers are propping up the system. Many have to forgo their own financial and personal wellbeing in order to do just that. This is a crisis that is reverberating throughout many corners of the economy.
“A financial adviser can help, in particular one that holds a qualification in long term care and later life planning as they will be used to negotiating the complexities.”
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Notes to editors:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £110.4 billion in customer investments (as at 31 December 2019).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
Wealth Platforms includes Old Mutual Wealth UK platform and Old Mutual International, including AAM Advisory in Singapore.
The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.
Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows:
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.
This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial condition, performance and results.
By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc’s control including amongst other things, international and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward looking statements.
Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make.
Nothing in this announcement should be construed as a profit forecast.