As long as we invest our savings in our houses, we will have to sell them to pay for care in our old age. Unfortunately the government looks likely to ignore this fundamental principle. Today they are announcing details of how they plan to fund social care. It is expected their plan will involve capping the contributions people make to their own care.
Not only would such a measure be hugely costly, but it would also damage much of what is already happening, undermining the efforts of families and acting as a disincentive to saving and to developing strong social bonds.
Our system of providing for old age is already reaching breaking point. The costs of the state pension and healthcare are ballooning because our population is ageing rapidly.
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