Think tank suggests govt offers free financial advice MOT at 50

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Britons should be offered taxpayer-funded "financial MOTs" when they reach 50 to make sure they are prepared for retirement, a think tank has said.

The suggestion has been put forward in a paper on equity release by The Smith Institute, which has also called on the government to pledge its support to the equity release market so pensioners can use the value of their homes to meet expensive care costs, according to the Daily Mail. It argues that low-income workers approaching retirement are not used to paying for financial advice, so the government should step in to offer it to them. Paul Hackett, co-author of the paper, said: "Future generations of low income retired homeowners will increasingly struggle to meet the costs of repa...

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