The life course costs of caring: Understanding unpaid carers’ financial wellbeing over time
Dr. Maxine Watkins and Dr. Louise Overton report on the first study to apply subjective notions of financial wellbeing directly to the experience of care and caring and with an emphasis on capturing and understanding changes in carers’ financial lives over time.
Carers’ Financial Wellbeing
Most people are carers at some point in their lives. The average person is just as likely to be an unpaid carer as a home owner in the UK. Caring for a loved one can be fulfilling and meaningful, but without proper support providing unpaid care comes at a financial cost. People can find themselves worse off financially if, for example, they are unable to work full-time because of their caring responsibilities, or if they have to give up work altogether. People who provide unpaid care can also face a range of other expenses affecting their income, savings, and wider financial circumstances. These expenses might include things like transport costs and hospital parking charges, home adaptations/specialist equipment, and higher utility and shopping bills. But these costs only tell part of the story. The subjective experience of caring and how caring shapes a person’s sense of financial wellbeing is equally important. Financial wellbeing is not just about quantifiable measures such as income, debt, and money in the bank, it is also about whether a person feels financially secure, in control, and free from stress and anxiety. It is also about whether they can make plans for the future that align with their goals and expectations and whether they have peace of mind. The study reported on here is the first to apply subjective notions of financial wellbeing directly to the experience of care and caring and with an emphasis on capturing and understanding changes in carers’ financial lives over time.
