Safe Home Income Plans (SHIP), the equity release providers’ trade body, has urged each of the main political parties to go further in their pledges to tackle the issue of how to fund Britain’s ageing population.

In response to the three main parties’ manifestos, SHIP has issued its own three-point plan of action for the future Prime Minister and his government that takes into account education, communication and co-operation.

SHIP considers early financial education to be essential in breaking the cycle of mistakes in the future. It says children should be taught about finance whilst at Secondary School. By teaching them the basics of finance, such as mortgages and the importance and impact of saving for retirement early, everyone should have a sense of responsibility for their financial wellbeing later in life, rather than relying solely upon the state.

Andrea Rozario, director general of SHIP, said: “The earlier children come to understand the importance of saving money