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The economical challenges that come with caring

Thursday 25 November in Community

The additional expenses that come with caring can put a financial strain on carers. People with care needs may need additional care, specialist equipment and transport, all of which can be very expensive. Carers often report having to use their own savings to fund caring and facing financial problems as a direct result of caring.

Additionally, due to reduced employment and other factors associated with caring, carers face a lower income compared to that of non-carers. Carers often report that they struggle to make ends meet alongside the additional costs of caring. This, alongside the fact that many carers have to work reduced hours or not at all, means that carers can often struggle financially. In a survey carried out by Carers UK, a significant number of carers reported that as a result of their poor financial situation, they had to cut back on essentials such as food and heating. It was also reported that many had used their own savings to finance care.

In addition to the financial worries carers may face, many do not receive any financial support. The current rate for Carer’s Allowance on island is £122.05 per week which, positively, is comparatively high to the current UK rate which is only £67.60 per week. However, to qualify for Carer’s Allowance in the Isle of Man carers must match the following qualifying criteria:

Carers must also have been living in the Isle of Man or the United Kingdom for at least 104 weeks (2 years) in the last 156 weeks (3 years) before the date on which you first satisfy all the other rules for Carer’s Allowance. Whilst the rate of Carer’s Allowance on Island is almost double that of the UK, many carers still miss out because they do not meet the requirements or because they receive another form of allowance, and therefore they can struggle with the financial implications of being a carer.

If you are struggling with your role as a carer and the impact it has on your life, please contact Crossroads.

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