Counting the cost: why caring shouldn’t mean losing yourself

Becoming a carer for someone is a significant step in life. Helping loved ones through later life, ill health, disability or incapacity, is often highly rewarding. It can bring you closer together and ensure you can look back with no regrets.

But caring can leave you feeling financially vulnerable – whether because of extra costs supporting people, or a reduction in income because you are working less or not at all. This situation can cause anxiety and stress for carers.

Andy Payne, Director of Advice Support at St. James’s Place (SJP) says: “When you’re deep in the thick of caring responsibilities, your thoughts are naturally centred around helping someone else. You’re dealing with the short-term, day-to-day practicalities and challenges of life for that person. But this can often lead to the carer neglecting their own needs, and if you are not finding time for yourself your finances can often suffer. This can leave you feeling financially vulnerable.”

Tony Mudd, Divisional Director, Group Products, at SJP echoes this sentiment. He says: “Unpaid care is one of the most generous things a family can do, and one of the most financially corrosive. Nearly half of carers cut back on food, heat and travel; three-quarters worry about their security when caring ends. The instinct is to put yourself last. A written plan is not selfish. It is how you remain solvent enough to keep going.

“As soon as the role begins, review income, protection, pension contributions and any state support, then set a date to look again. Intensity often eases even when the commitment lasts. Your own goals still matter.”

Five tips for carers

1. Check what support you can claim: If you provide at least 35 hours of unpaid care a week for someone in receipt of specific benefits, you may be entitled to Carer’s Allowance. This non means-tested state benefit is currently worth £86.45 per week, but there are strict eligibility criteria. Those in receipt of a state pension can’t claim Carer’s Allowance, although you may be eligible for some additional money if you’re an unpaid carer and you meet specific criteria. Charities including Carers UK and Age UK can help with information about unpaid carers’ benefits, the state pension and eligibility.

2. Don’t neglect pension saving: Continuing to save into a pension, if you’re able to while caring, can make a difference to your pension pot over time. Even small savings each month, or from time to time, will add up. Consistency over the long term is the key to building up retirement savings. Compounding, where investment growth is ploughed back into the pot to grow further, can enhance your savings. Bear in mind that where pensions are invested in stock market linked investments, the value can fall as well as rise over time, and there is no 
guarantee of investment growth.

3. Build a financial plan: A financial plan, which includes the milestones you want to work towards, can stop you losing sight of your goals. For example, if you know you’ll have to pause pensions or other savings and investments during your time caring, make a note to restart contributions later. Ideally you might look to start saving again at a higher rate to compensate for the paused saving, if and when your circumstances change again and this becomes possible.

4. Take care of your wellbeing: Being an unpaid carer can be isolating and lonely and the work can be physically and mentally demanding. Unpaid carers are more likely to suffer from poor physical and mental health, compared to those without care responsibilities . This is according to Census data that found low mental well-being was more common among unpaid carers (19.5%) than those not providing unpaid care (14.8%). It is important to find a support network, either through friends and family, or by contacting charities that may be able to signpost you to support groups. Asking for help can be a first step to improving your situation.

5. Don’t try to do it all: Unpaid carers can face times of intense pressure and strain. It is important to recognise these challenges and not over-extend yourself. This puts your own health at risk. Find out what support may be available to you so you can fully understand your options, particularly if things feel like they are getting on top of you. Your local authority, as well as charities and support groups, should be able to help.

Building resilience

You may not be able to predict how long a caring role will last or how your responsibilities will change. But taking time for yourself, your wellbeing and mental health, and also your financial health, can mean you don’t lose sight of your own goals and priorities. This can help foster greater resilience during difficult and vulnerable times. 

Sources

^1,2Office for National Statistics. Census 2021: Unpaid care by age, sex and deprivation, England and Wales. Scottish government. Scotland's Carers update release - March 2025. Northern Ireland Statistics and Research Agency: Census 2021 main statistics health, disability and unpaid care tables – December 2022
³Office for National Statistics. Census 2021. Unpaid care by age, sex and deprivation, England and Wales
^4,5Office for National Statistics Unpaid care expectancy and health outcomes of unpaid carers, England - April 2024 (data on mental wellbeing of carers is adjusted for age)