Independent financial advice about funding social care in later life – findings from the IF project
- Birmingham Business School, University House - Room 204
- Wednesday 21 March 2018 (12:30-13:30)
A CHASM/HSMC Seminar
Authors: Kate Baxter, Emily Heavey, Yvonne Birks, Social Policy Research Unit, University of York
People who pay for their social care from their own funds are known as self-funders. One of the most confusing issues for self-funders is finances, including the rules about paying for care, concerns about protecting assets for inheritance, and worries about how long resources will last. The need for financial advice was recognised in the Care Act 2014 which made it a requirement for councils to provide information and advice on how to access independent financial advice on matters relevant to the meeting of needs for care and support.
This qualitative study explored evidence and practice regarding independent financial advice about funding social care in older age through undertaking: (1) a scoping review of UK research evidence about use of financial advice in relation to social care costs; (2) a review of English policy regarding the provision of financial advice in relation to planning for and meeting social care need; and (3) interviews with 15 recipients of financial advice, 21 people who provide or signpost to financial advice and 14 strategic level representatives from adult social care or the financial services sector.
This presentation focused on findings from the interviews, presented as challenges and opportunities arising at the individual level, through interactions between individuals and organisations, at organisational level, and at strategic level. There are challenges and opportunities relating to individuals’ planning and engagement with financial, voluntary, and adult social care sectors, and joint working and shared aims across sectors at both a local and a strategic level.
The seminar was run jointly by CHASM and the Health Services Management Centre (HSMC) at The University of Birmingham.