Equity release body calls for radical political action

Leading equity release trade body Safe Home Income Plans (SHIP) has called on the major political parties to go further in their pledges to tackle the issue of how to fund Britain's ageing population.

SHIP has launched its own three-point plan for the next prime minister and government, covering the key areas of education, communication and co-operation.

In terms of education, the equity release body believes children should be taught about finance at an earlier age in order to minimise the risk of future mistakes.

On communication, SHIP suggests that consumers should be encouraged to consult qualified financial advisers.

Finally, in terms of co-operation, SHIP suggests that the government must work together with the retirement industry to fully understand all of the options for funding an ageing population.

"All of the political parties have made moves to address the problems facing our ageing population. However, these must be more than soundbites to woo voters in the run up to the election," said SHIP director general Andrea Rozario.

Saga recently published research findings which show that there will be more than 300,000 people aged 100 or over in the UK by 2059.

Ashall Glover Financial Services are equity release specialists