This week Carers Week focuses on Equality and there is a different topic each day, today’s is Financial Wellbeing
Unpaid family carers are facing growing challenges in managing everyday expenses, which is putting extra pressure on their mental health and wellbeing. Compared to those not in caring roles family carers face higher risks of financial struggles, often due to the extra costs their caring responsibilities bring. In fact, recent analysis from Carers UK’s revealed that of the 5.8 million unpaid family carers across the UK, 1.2 million or over 20% may be living in poverty.
Last summer’s (2024) Carers UK State of Caring survey highlighted a concerning trend that many family carers are taking drastic measures to cope with financial struggles, with 61% expressing worry about living costs and their future financial stability, while over a third (35%) said they weren’t confident about staying afloat in the next 12 months.
As this survey was completed in 2024 the results do not reflect the growing concerns over the Government’s proposed welfare reforms. The measures outlined in the Pathways to Work: Reforming Benefits and Support to Get Britain Working Green Paper will result in a £500 million reduction in spending on financial support for carers — the biggest effective cut to carers’ entitlements since the benefit was first established in 1976. If implemented these changes will see an unprecedented cut to benefits for unpaid family carers and a significant reduction in household income for disabled people and their families.
These current, and upcoming financial strains mean carers are being forced to make tough decisions. Some have already reduced meal sizes or skipped meals altogether, while others are turning to unsustainable solutions like using credit cards, overdrafts, or even taking on debt to manage.
These financial worries are taking a toll on mental health with Over half of carers reporting that their financial concerns are negatively affecting their mental wellbeing, and 61% feel stressed or anxious about money. For carers struggling to make ends meet, that figure jumps to a worrying 91%.
This carers week, in the fight for equality for unpaid family carers Suffolk Family Carers urges you to write to the prime minister and call on the Government to reconsider their reform proposals to protect protect carers’ incomes.
If you are a family carer struggling with your finances you can visit our cost of living tool-kit which provides some helpful information on Help with Bills, how to get help with food & clothing, details of organisations that can provide Financial Advice and more.
