Whatever their title, for millions of over-50s in Britain there is an unseen cost to life and their finances
when they look after loved ones.
Research by Saga Personal Finance shows that nearly a fifth of Britain’s over-50s regularly care for an elderly loved one or friend, without financial reward, in their own home or at another location.
Worryingly, an estimated 792,000 of these 3.6 million unpaid carers are forced to juggle careers and forego income to do invaluable work that saves the taxpayer millions.
At a time when they should be making plans for their own retirement, many Britons are instead giving up their time and hard-earned money to help others. The person receiving care may need help because of a chronic illness, disability or frailty and many unpaid carers often foot the bill for a huge range of costs.
The majority say they spend on average £170 per month. Overall that is some £612 million. This figure doesn’t take into account the opportunity cost of not being able to work.
Family carers also spend money on altering their homes to make life better for loved ones. Whether it’s to make their houses more accessible with rails and ramps, or simply upping the comfort factor by redecorating, almost a quarter of the selfless army say they have made adaptations to suit the needs of the person they look after. Such adaptations can cost thousands of pounds.
The cost of major adaptations is one of the reasons why many people are considering equity release
. Families are prepared to turn to their biggest asset, their home, to help make life better for them and their loved ones.
Saga’s chief operating officer Jeff Bromage said: “Unpaid family carers do so much good for other people and society as a whole. In doing so, many don’t count the cost to their own pocket or health. They are the glue that holds our caring society together.
“Saga is calling for extra help for those that can’t afford vital home adaptations, which can be vital for the quality of life of both the carer and the person receiving care.”
