Carers need more tailored financial support
Across the world, the number of people caring for loved ones is rising – and is set to continue doing so.
Millions of them are doing it as an unpaid role, often while having to juggle the demands and responsibilities of a full-time job.
In the UK alone, it’s estimated that there are almost six million unpaid carers. Many face significant financial challenges – and 1.2 million are living in poverty.
A carer is anyone who provides care and support to a family member, friend or neighbour. Those receiving care can be of any age – and often be someone with a disability, illness or long-term condition.
Carers can sometimes find themselves looking after multiple relatives at once – and it can take a long time for people to self-identify as a carer, which can delay recognition of the financial implications of their role.
Financial stress
The pressure that caring responsibilities can bring is huge – and it can stretch already tight family finances.
People providing care often have to reduce their working hours. They’re also likely to incur additional costs travelling to care for someone – or paying for home improvements to help the person they’re caring for stay in their own home.
It’s no surprise that more than half of carers in the UK are worried about the cost of living – and 60% feel anxious about their own financial situation, according to Carers UK(opens in new window) (opens in new window).
Planning for the future
Caring can still be a taboo subject, and some people may find it embarrassing or not want to talk about it.
But that means many carers don’t know about the benefits and support available to them – or they don’t have time to look.
According to Carers UK, almost two-thirds of carers who are struggling haven’t accessed any resources or support in the last 12 months.
Our responsibility
We're the first bank to produce a comprehensive resource dedicated to carers.
Our new global guidance has been designed to help colleagues and customers in our home markets of Hong Kong and the UK find the help they need – for themselves, and for the person they’re caring for.
The resources cover financial wellbeing support, planning for the future, fraud awareness – and where to get help to cover the cost of care.
It also pulls external resources together, which will make it easier to do things like register a power of attorney or write a will.
We know that those most in need of support are the least likely to go and look for it, so when speaking with clients, we can help raise the topic before it becomes a problem.
We have a responsibility to step in and address the financial challenges faced by carers – and to help them find the tailored financial support that they need.
Financial health resources for carers and their dependants
Download our new guidance, designed to help colleagues and customers in our home markets of Hong Kong (opens in new window) and the UK (opens in new window).