Caring for the elderly
Important information - the value of investments can go down as well as up, so you may get back less than you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity's advisers or an authorised financial adviser of your choice.
Know what you're up against
Around 5 million people in England and Wales provide unpaid care, according to the recent ONS Census 20211.
552,000 people said they provided between 35 and 49 hours of unpaid care each week. While 1.5 million people said they provided over 50 hours per week.1
What's more, the cost-of-living crisis has placed financial pressure on carers, both paid and unpaid. 'A quarter of carers are cutting back on essentials like food or heating and 63% are extremely worried about managing their monthly costs2'.
And 'carers from underrepresented groups were more likely to be struggling financially. Carers from a Black,
Asian and minority ethnic background were more likely to be struggling to make ends meet than White carers (37% versus 27%)2.
Sources:
1.
Office for National Statistics - unpaid care
2.
Carers UK - State of Caring 2022 Report
Take control
Caring for someone is hard work. As a woman, it’s important to prioritise your financial health. One of the most important things to prioritise when looking after your finances is budgeting.
- Plan your finances - draw up a budget and keep on top of it. Track your income and expenses at least once a week.
- Do a review of what your money is currently being spent on. Gather up all the household bills, bank statements and receipts. You can then sort these into either essential spending or extra spending.
- Ensure you have some money set aside for emergencies. Once you've built this rainy-day pot up you can use a Stocks and Shares ISA to reach your future financial goals.
What you could do next
Start a tax efficient savings account
Invest in a Stocks and Shares ISA and pay no income tax or capital gains tax on your returns.
Explore regular saving
Making regular monthly contributions to your investments as part of a savings plan could help them grow into a sizeable sum over the long term.
Set your retirement goals
Get an indication of the annual income you need in retirement to help you work out how much to save.
