Advice Investments Wealth management

Press release: Young Carers Awareness Day highlights need for reform

30 January 2020

Recent research shows that as many as one in five secondary school children may be a young carer. Complex benefit system mean people are not sure what is available to them and unpaid carers are left picking up the pieces

Unpaid carers are propping up the crumbling social care system, many of whom are young carers, which can have a lasting effect on their life chances.

Today Carers Trust, a charity partner of Quilter, is promoting Young Carers Awareness Day to raise awareness of the challenges faced by young carers and promote greater support for them.

Government have promised to present a plan in the upcoming Budget and Quilter is urging for reform that simplifies the landscape so people know what benefits  are available to them.

Many people are aware that the current social care system is means tested so anyone whose assets exceed £23,250 pays for their social care needs. However, what is less well known is the other benefits that are available.

Government have said it may take as long as five years to implement the plan and for the time being people should make use of the benefits available to them including:

NHS-funded nursing care: This provides £165.56 per week, paid directly to the care home, for anyone who has been assessed as needing care from a registered nurse or a care home registered to provide nursing care

Attendance allowance: This allowance is for anyone over 65 who needs help with personal care, but the amount a person gets depends on need. The higher allowance is £87.65 and the lower rate is £58.70

Carer’s allowance: This is a benefit worth £66.15 per week and it can be paid to carers who spend at least 35 hours per week looking after or supervising someone;

Discount on council tax: Some people with dementia are eligible for a discount on their council tax bill and sometimes those who care for them are eligible too.

Olivia Kennedy, financial planner at Quilter comments:

“The current social care system isn’t fit for purpose and the impact of this is felt in many corners of society, particularly unpaid carers who shoulder much of the burden. I was 32 when my mum got diagnosed with dementia and the next number of years took a massive toll on mine and my families emotional and financial wellbeing.  There are many carers that are significantly younger than that and the impact on their future lives is drastic.

“If you are a carer or are supporting a carer then it’s important to know what resources are available to you.

“Ask for help and challenge decisions made by the local authorities if you don’t like them. It’s their duty to explain to you why they are right or in your loved one's best interest. It is not for you to explain to them why they might be wrong.

“But ultimately the best advice I can give is to get advice. If you can afford it, seek advice from a financial adviser that holds suitable qualifications in long term care and later life planning, and will be used to negotiating the complexities.”

Head of Policy at Carers Trust, Laura Bennett, said:

“The ongoing failure to come up with a sustainable solution to social care funding is placing a huge strain on unpaid carers across the UK, including young carers. As long as long-term sick and disabled parents and siblings are without an adequate support package, young carers will have to continue to devote huge amounts of time at home to their care. We know how this can seriously impact on a young carer’s schooling as they struggle to complete homework and get to school on time because of their caring responsibilities. A solution to the crisis in social care funding cannot come quickly enough if young carers’ education and future life prospects are not to be compromised.”

For more information contact

Kathleen Gallagher
023 8072 6293 
079 9000 4932

Notes to Editors:

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 £95.3 billion in customer investments (as at 31 March 2020).

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 and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

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

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.