Mortgage & Property

New Insurance Professional

Family Office Bulletin

Mortgage Property

Insurance Professional

Family Office

Informal Care providers sacrifice £6,300 a year in lost salary

Nearly one in three people (28%) aged 45-64 who are providing informal care for elderly family or friends say they have had to reduce their hours or stop working altogether, costing them thousands in lost earnings every year.

New research from retirement specialist Just Group found that one in 10 (10%) of those aged 45-64 who are currently providing informal care had given up work completely while nearly a fifth (18%) had reduced the hours they work. Fewer than half (48%) carried on in their job as normal.

Official figures show that the peak age for caring is 50-64 with one in five of those in this age group providing provide informal care totalling over 2 million people.

The average loss in terms of lost income is £6,300 a year but the amount increases with age, the new Just Group research shows. Among carers who have given up work or reduced hours to provide care, 45-54 year-olds are losing £109 a week (£5,656 annually), while those aged 55-64 are losing £133 a week (£6,911 annually).

Stephen Lowe, group communications director at retirement specialist Just Group, commented: “Tens of thousands of dedicated family members around the UK make significant sacrifices for their ageing relatives. This can be time and money in terms of lost income and other working benefits such as pension contributions.

“Would so many have to make these sacrifices if overdue care reforms had been implemented? Our research shows people are putting off making provisions for care because they are waiting for the long-promised ‘fix’ for social care – nearly three in 10 (29%) over 75s said that had not thought about or planned for care because they are waiting for clarity on policy .

“It is unreasonable to expect people to make plans when they know the government is planning to move the goal posts. The pandemic must become a catalyst for change rather than an excuse to delay reforms. Many feel that care is too depressing to think about, so it needs to be made clear that the future is going to be more positive.”

This Week’s Most Read

  • An interview with the pub landlord that barred Sir Keir Starmer

    Footage from today shows Sir Keir Starmer’s entourage man handling Rod Humphris, pub landlord for the Raven of Bath Public house. In this exclusive interview,

  • Sir Keir Starmer in pub brawl?

    Predictions of scuffles in pubs came true today, with a landlord being ejected from his own pub by interlopers. Sir Keir Starmer had been listening

  • Haatch SEIS fund oversubscribed within 2 weeks

    Haatch Ventures quietly launched their first SEIS Fund in March, with a target raise of £1.5m.  This figure was reached within 2 weeks, and the

  • Sir Keir Starmer, pubs and COVID – taking the piss, not taking a piss..

    We thought you weren’t allowed into pubs these days? Incredible scenes erupted today outside the Raven Pub in Bath, as Sir Keir Starmer was confronted

  • Why Government support means there has never been a better time for sustainability start-ups

    When Glasgow hosts the United Nations Climate Change Conference in November, it will be more than two years since the UK signed into law its

  • Staycation Boom Could be Taxing for Landlords

    Furnished holiday lets offer tax breaks, but owners need to tread carefully. Soaring demand for holiday lets as the UK plans for a ‘staycation summer’

  • New financial advice service from Vanguard aimed at retirement savers

    Designed for investors saving for retirement, Vanguard Personal Financial Planning launches on the award-winning Vanguard UK Personal Investor platform – vanguardinvestor.co.uk/financial-advice. The service offers personalised

  • MainStreet Partners: does the ‘S’ in ESG have ‘middle child’ syndrome?

    Long overlooked in favour of its more obvious counterparts, last year saw investors turn a corner and beckon in ‘an era of social impact investing’,

  • Creating a sustainable future – A special supplement in conjunction with M&G | April 2021

    M&G Investments are one of the early adopters of ESG (environmental, social and governance) and impact investing strategies within their funds. In this IFA Magazine

  • The Coming Decade for Climate Solutions

    Randeep Somel, Fund Manager, M&G Climate Solutions Fund, is finding reasons to be cheerful as he uncovers some of the powerful drivers of change which

IFA Magazine

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine