Crisis for carers – money troubles, anxiety and depression revealed | Personal Finance | Finance
Many of the rising number of Britons who are looking after their own children as well as sick and ageing parents are suffering a financial and mental health crisis.
One in six of this group are struggling to manage financially and one in 12 say they had difficulty affording food at some points, according to research by the Office for National Statistics (ONS).
At the same time three in ten are suffering from depression and anxiety due to the enormous financial and emotional pressure.
New ONS research has investigated the finances and well-being of what it calls “sandwich carers” who are defined as adults with dependent children aged up to 18, who also provide care for sick, disabled, or older adult relatives.
The alarming findings include:
* Around 1 in 6 (16 percent) sandwich carers found it “quite or very difficult” to manage financially, rising to 25 percent of those who provided 20+ hours a week of care. This compares with 9 percent of all adults saying the same.
* Around 1 in 12 (8 percent) sandwich carers reported running out of food in the last 12 months due to a lack of money or resources compared with 5 percent of all adults. This rose to 17 percent among those providing 20+ hours a week of care.
* Around half (53 percent) of sandwich carers reported that they were unable to work at all, or as much as they’d like, because of their caring responsibilities for someone they live with (74 percent for those caring 20+ hours per week).
* Around 3 in 10 (31 percent) sandwich carers indicated some evidence of depression or anxiety . This compares with 24% of all adults.
* Around a fifth (19 percent) of sandwich carers reported being currently diagnosed with depression, rising to 28 percent among those providing 20 hours or more of care per week. This compared with 13 percent of all adults.
The Budget last week included an announcement that carers will be allowed to earn money before losing the right to benefits. At the same time a review of payments to carers has been announced by the Work and Pensions Secretary, Liz Kendall.
The change means that the earnings limit placed on people who claim government support for taking care of disabled, sick and elderly loved ones will rise by £45 a week.
The changes will enable full-time unpaid carers who provide care for at least 35 hours a week to earn up to £196 a week from next April without forfeiting carer’s allowance benefit, currently £81.90 a week.
Mary Bright, Group Head of Social Sustainability at Phoenix Group, said: “As our population ages, a rapidly growing number of people aged 40 and over are now caring for loved ones across multiple generations. This puts them at particular risk of falling out of paid work and becoming financially vulnerable in later life.
“Our research shows a significant proportion (45 percent) of unpaid carers over 55 struggle to meet even day-to-day living costs because they are out of work with caring responsibilities. This crisis will only worsen without urgent action.
“The Government’s decision to raise the earnings threshold on Carer’s Allowance is a positive step forward, allowing carers to work and earn a little more without losing financial support.
“We also urge all employers that can to offer comprehensive flexible work policies and 10 days paid carer’s leave to help retain skills and experience in their workforce, by enabling more carers to stay in good, paid work for longer and build up their retirement savings.”
Libby Richards of the ONS said: “This analysis illustrates the impacts that caring for both children and for older, sick or disabled adults in their family has on the estimated 1.4 million sandwich carers in the UK.
“We consistently see greater financial and mental health challenges among adults who have dependent children and who also provide care to adult relatives, especially when the adults they care for live with them, or when they spend more than 20 hours a week providing unpaid care.”
