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Press comment: Carers quality of life suffering under financial strain

25 June 2019

Figures from NHS Digital today reveal unpaid carers in the UK are facing financial difficulties and this is highly detrimental to their quality of life. If you’re covering the issue please see the below comment from Jane Goodland, Corporate Affairs Director at Quilter:

“In the normal course of events anything where one in two people are adversely impacted should raise red flags with policymakers and jump to the top of a to do list. Yet here we are with figures showing that close to 50% (46.6%) of carers have faced financial difficulties and over 10% say it has a significant strain on their finances. And this is not just an economic issue it is a significant problem for the wellbeing of this population. 

“This unsung workforce are propping up our crumbling social care system. It is often equivalent to a full time job as third of carers spend over 100 hours a week on their caring duties. So it’s no surprise that those who aren’t yet at retirement age struggle to make ends meet. Indeed those below 65 predominately say that caring has a significant impact on their finances.

“This impact on finances is having a dramatic impact on their overall life as the research reveals that carers have a lower quality of life score. Over 55% of those who reported a quality of life score of 0 feel a pinch on their funds.

“Money may not buy happiness but the lack of it can certainly lead to unhappiness. A financial plan can help and while many of these people may not be in a position to afford fully fledged financial advice we strongly hope the new Money and Pensions Service will be able to provide guidance and support for populations such as these. Feeling in control of one’s finances can make all the difference.”

For more information contact

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

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 £118.7 billion in investments (as at 30 September 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.