Report: Caring & Family Finances Inquiry: UK report

This study provides a definitive study into the financial impact of caring – with carers’ voices at its heart. The Carers UK report covers four key areas: The costs of caring; Caring and work; Carers’ benefits; and Carers and the Welfare Reform Act 2012.

Key findings

• Financial pressure often comes from two sides – as household income takes a hit from reduced earnings, outgoings also rise as a result of the extra costs of ill-health or disability.
• More than three million people combine paid work with caring responsibilities. The peak age for caring often coincides with the peak of an individual’s career – 1 in 5 people aged 50-64 have caring responsibilities.
• The impact of caring on work also lasted after caring ends. Lost earnings and savings coupled with years spent unable to contribute to a pension left many carers worried about their future finances.
• Restrictions in eligibility and the level of Carer’s Allowance continue to deeply anger carers. Carers UK has called on successive Governments to implement reform to modernise and improve the benefit.
• Many carers face very significant cuts to disability benefits and support with housing costs and Council Tax, as well as the forthcoming introduction of Universal Credit.