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Carers Week - 5 money tips for young carers

6 June 2019

Carers Trust, MyBnk and Quilter outline five financial points to help the 376,000 young people aged 16 to 25 with caring responsibilities.

June 10th marks the start of Carer’s Week an annual campaign to raise awareness of caring, highlight the challenges unpaid carers face and recognise the contribution they make to families and communities throughout the UK.

In the UK, there are 376,000 young people aged 16–25 with unpaid caring responsibilities. Many young carers are hidden from view, slipping under the radar of vital support services, including financial aid and education. A government report has found that 67% of current or past young carers had not received any support.

Taking on another person’s finances as well as your own can be particularly daunting, especially for young carers. The financial education charity MyBnk, who deliver the Kickstart Money schools programme, have named their top five tips for young carers in charge of the family finances:

  1. Banking. Shop around. Money Saving Expert offer a fantastic up to date range of offerings from the high street to the digital bank all desperate for new customers. Be sure to use a separate account to pay bills from using direct debits. You can even use standing orders to move your bills money automatically.
  1. Utilities. Sign up to an auto switching site like USwitch that checks the best deals for your gas and electric - that way you won’t forget to check for a better price. There are also apps and websites such as WonderBill that can help you see all your bills in one place.

  2. Talk and prioritise. Debtors who shout the loudest are often not the ones who need paying first. Learn to prioritise your debts, understand the consequences of not repaying but above all talk to your debtors who may be unaware of your situation. Once you start to communicate you can work out repayment plans and gain breathing space.

  3. Budgeting. Spending just half an hour a week sitting down and planning your income and outgoings can help you get a grip on what can often feel like a runaway problem. Start small, for instance the weekly shop. The Money Advice Service and chatbot apps such as Cleo can help divide your needs, wants and savings to manage unexpected costs.

  4. Review and redo. Money management is a constant. Deals change, new benefits and entitlements become available and the best deal today may not be there tomorrow. Do not just let contracts roll over, make a note of when your deals come to an end, start to research – very handy with mobile phones, have the info ready when it’s time to discuss a fresh plan. Charities such as Young Carer, Turn2Us and the Carers Trust, can keep you abreast of all the latest developments on allowances, assessments and additional assistance.

Jane Goodland, corporate affairs director at Quilter, comments: “Managing household finances is daunting and confusing no matter how old you are. It’s hard to credit that young unpaid carers not only have to wrap their head around day to day caring duties, but also have to keep on top of complex finances. Unpaid carers are propping up the social care system in the UK and we need to be sure that industries and the government are doing all we can to give them the right information and support.”

Andy Small, Education Officer, MyBnk says: “For a young person, learning to live independently can be stressful enough, but young carers have huge added responsibilities. Being able to spot the best energy deal can be the difference between keeping the lights on and food in the fridge. The key is optimising the million and one things they have to do.” 

Giles Meyer, CEO at Carers Trust, adds:

“Being a carer at a young age can have serious financial implications for young people looking to transition into working life. They are often only able to work at certain hours of the day, and many need to stay near home where the only employment available is often low-paid and insecure. It’s unsurprising, therefore, that carers at the age of 21 are much more likely to be in low-paid work than their peers. I’d urge any young adult struggling with the challenges of financial planning while caring for someone to get in touch with Carers Trust. We can then direct them to their local carers service where they can get the free and impartial information they need to help get their finances on to a stable footing.”

 

For more information contact

Kathleen Gallagher
023 8072 6293
07990 004932
kathleen.gallagher@quilter.com

Declan Wilkes - MyBnk
07903 625037
declan@mybnk.org  

 

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.4 billion in investments (as at 30 June 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.