Unpaid carers are facing financial struggles that could extend into their retirement due to the challenges of balancing caregiving responsibilities with paid work. Recent data from Just Retirement reveals that a significant number of carers are not in paid employment, resulting in missed earnings and private pension contributions.
Carers UK research shows that many carers have been forced to reduce working hours or leave their jobs altogether, impacting their household finances. The strict earnings limit for carer’s allowance, set at £151 a week, further complicates the situation. Those exceeding this limit risk losing their benefits entirely.
The lack of attention to carers’ issues in the upcoming election is concerning, with only the Liberal Democrats offering substantial proposals for better support. Carer’s allowance, currently at £81.90 per week, is inadequate to meet the financial needs of carers.
Carers often struggle with rising living costs, with many making sacrifices in essentials like food and heating. The current system discourages carers from seeking employment, creating long-term financial repercussions.
Moving forward, there is a need for policy changes to better support working carers and address the financial challenges they face. Without significant reforms, the financial burden on carers will persist, impacting their quality of life and the economy as a whole.