Unpaid carers are “bankrupting their future to pay for the present”, with thousands unable to save for their own retirement, Carers UK has warned.
According to new research from the charity, more than two thirds (68%) of informal carers are using their own income or savings to cover the cost of extra care, equipment and products.
The survey of over 7,500 people currently caring unpaid for family or friends, the majority of whom provide over 50 hours of care every week, reveals the personal and financial cost of caring for a loved one, with two in five carers (39%) saying they are struggling to make ends meet.
Helen Walker, chief executive of Carers UK, said: “This is a classic case of robbing Peter to pay Paul, with carers already providing high levels of support left short-changed as they use money for their retirement trying to cover the care costs of their loved one today.
“As it stands, providing unpaid care is pushing thousands of families into poverty and is having a lasting impact on their finances and quality of life.”
Those who take on caring responsibilities often struggle to juggle a job as well, with many reducing hours, turning down promotions or leaving work altogether, Carers UK found.
The financial pressure on carers is having a knock on effect on their futures, with over half (53%) unable to save for their retirement.
Those struggling to make ends meet are the hardest hit as carers with little money to spare are spending hundreds of pounds to cover the costs of essentials like nutritional supplements, bed pads and mobility equipment.
The vast majority (78%) of carers who report they struggle financially are paying towards the cost of care services or equipment for the person they support.
For those on a low income or receiving Carer’s Allowance – the benefit for people caring for more than 35 hours a week and just £66.15 per week – three quarters (73%) are unable to save for retirement.
On top of the personal cost of care, crucial support is being cut with one in eight carers (12%) reporting that they or their loved one received less care or support in the previous year, as a result of reduced support from social services.
Carers UK is urging the government to put in place the financial and practical support that carers need, both in the short term and over the longer term, to ensure the sustainability of the health and social care system.
“Our current social care system is on the brink. Families urgently need affordable, high quality care services and carers need access to regular breaks and stronger workplace rights to ensure they can combine work and care if they wish to,” Walker added.
“The leadership candidates cannot afford to ignore this burning issue affecting millions across the country and must commit to funding and delivering a reformed system that has families at its heart.”
Carers UK is urging the government to urgently put in place the financial and practical support that carers need, both in the short term and over the longer term, to ensure the sustainability of the health and social care system.