· 20 November is Carers Rights Day: New report by Carers UK sponsored by HSBC UK calls for increased financial guidance and support1
· 1 in 5 unpaid carers find it a challenge to cover costs and a third (34%) of carers in this situation don’t know where to go to get financial guidance 41% don’t know what social security benefits they are entitled to
· Get help: www.carersuk.org/help-and-advice | www.hsbc.co.uk/financial-fitness
Unpaid carers, who are at greater risk of financial hardship, need better access to financial advice, guidance, as well as support to navigate the social security system.
1 in 5 unpaid carers surveyed by Carers UK are struggling to make ends meet, and a third (34%) of carers experiencing this don’t know where to find advice and guidance.
The figures come from a new report, Thinking ahead: Supporting Carers to Manage their Finances, released by the charity and sponsored by HSBC UK.
They show that greater support is needed to help unpaid carers, who often have additional monthly costs from needing to heat their home for longer to accompanying the person they care for to medical appointments.
There are currently 5.8 million unpaid carers across the UK, and as many as 1.2 million are living in poverty. The poverty rate is more than double for those providing more than 35 hours of care per week (43%), compared to people who are not unpaid carers (18%). Struggling to pay for essentials can also make it difficult to plan and save for the future.
The report, published for Carers Rights Day on November 20, highlights several barriers to accessing support – from limited time to seek advice, a lack of tailored resources, the stigma of asking for financial help and worries around confidentiality. 63% of carers struggling to make ends meet have not accessed any guidance or resources in the last 12 months.
Carers also need help navigating a complex social security system, due to varying benefit rules and eligibility criteria. 41% of carers surveyed said they did not know what benefits they were entitled to, rising to nearly half (45%) for those struggling to make ends meet.
Many carers said they would have made different decisions in the past if they’d had financial guidance at the time, such as staying in work for longer, increasing contributions to their pension and saving for the future at an earlier stage.
However, others said they needed extra financial support, rather than additional advice and guidance. Previous research from Carers UK’s Cost of Caring 2025 report found that over half of carers (54%) need extra financial support, rising to 84% for those in receipt of Carer’s Allowance.
Carers Rights Day is a national awareness raising day set up by Carers UK 25 years ago, which aims to help the UK’s 5.8 million unpaid carers better understand their legal rights and the support they’re entitled to.
Helen Walker, Chief Executive at Carers UK, said:
“Unpaid carers – particularly those who are struggling financially – do not always know where to go for help and it can be complicated trying to understand your entitlements. Having the right information at your fingertips can help to make informed financial decisions, but research can be time-consuming and difficult for carers who are already time-poor and exhausted by caring. We need to see better systems in place, so that services are simpler to access and financial benefits are clearer and easier to apply for.
“It’s also important to recognise that financial education is not a solution on its own. Carers often experience financial difficulties and fall into debt for reasons that are well beyond their control, such as giving up work to care resulting in the loss of vital income. They need tangible financial support, and opportunities to increase their income and earnings potential to be able to save for their retirement.”
In the UK, HSBC has achieved Carers UK’s Level 3 Carer Confident Ambassador accreditation, which recognises the ongoing efforts the bank is making to care for and support colleagues with caring responsibilities.
Carolanne Minashi, Global Head of Inclusion at HSBC, said:
“Carers are a vital part of our workforce, our customer base and the communities we serve, yet face unique financial challenges that can impact their long-term financial wellbeing. This research underscores the importance of recognising their experiences and the need to develop solutions that reflect them.”
“At HSBC, we believe the right support for carers helps strengthen their financial resilience. That is why we are proud to have recently launched a new global resource to help them improve their financial health, manage their finances, and plan for the future.”
Get help: Free advice on support for carers and financial health available
Carers UK and HSBC UK are encouraging people to seek expert support as soon by visiting www.carersuk.org/help-and-advice or to reach out to their bank for broader financial health support.
Support and tools are available for HSBC UK for customers and non-customers alike, including a dedicated financial health resource guide for carers, free financial wellbeing webinars and 1:1 financial health checks. www.hsbc.co.uk/financial-fitness