The Hidden Financial Toll: How Caring for Elderly Parents is Draining Australians’ Pockets
For many, the thought of receiving a bill can spark a flicker of anxiety, prompting a mental scramble to adjust budgets and perhaps postpone a longed-for purchase. For Rebecca Shore, a 49-year-old from Portsmouth, this feeling is now a recurring reality, a stark reminder of how dramatically her life has transformed since she became what’s known as a “Carent” – an adult child providing care for their ageing parents.
What was once a straightforward financial obligation, like paying car road tax, now triggers a wave of concern about potential sacrifices. This shift isn’t born from a lack of love for her parents, Jim, 81, and Pam, 78, whom she deeply cares for and wants the best for. Instead, it’s the profound, and often unacknowledged, financial impact of unpaid caregiving that has reshaped her economic landscape.
Rebecca’s journey into carenting wasn’t a sudden event but a gradual unfolding of circumstances. She spent 25 years as a dedicated primary school teacher, even holding senior leadership and literary specialist roles. However, the demands of her parents’ evolving health needs necessitated a difficult decision. She stepped away from the classroom, opting for a new path as a self-employed education consultant. “I am now time-richer, but financially poorer,” she explains. “I am nowhere near the salary I was when I worked full-time in a school. My income has been hugely impacted by my choice to be self-employed. I am on less than half the salary I was before.”
This personal experience is far from isolated. In the UK alone, an estimated four million “carents” collectively provide a staggering £100 billion of unpaid care each year. An organisation named Carents, dedicated to supporting adult children caring for ageing parents, has highlighted a growing concern: many are inadvertently jeopardising their personal finances and future retirement security by taking on these responsibilities.
A recent survey conducted by Carents, polling 1,000 carents, revealed that over half (51 per cent) of adults providing regular care for their elderly parents have dipped into their personal savings to cover care-related expenses. The research further illuminated the financial anxieties gripping these individuals, with 45 per cent reporting increased worry about paying bills since commencing caregiving duties, and a significant 55 per cent expressing greater concern about how they will fund their retirement.
Rebecca, an only child, lives alone in Portsmouth, while her parents reside about an hour and twenty minutes away in North Hampshire. She assists them in numerous ways, from grocery shopping and managing bills to coordinating medical appointments and offering crucial emotional support.
The catalyst for Rebecca’s increased involvement was a series of health challenges faced by her parents. Her father, Jim, had a brain tumour removed in 2017, which, while successfully treated, left him with reduced mobility. Her mother, Pam, initially took on the primary caregiving role. However, Pam’s own health deteriorated in late 2019, leading to heart surgery in early 2020.
Rebecca took a six-week leave of absence from her teaching position to support her mother through her surgery, juggling her time between hospital visits and ensuring her father was cared for at home. The onset of the COVID-19 pandemic further complicated matters. Adhering to lockdown rules, Rebecca refrained from visiting her parents to protect their vulnerable health, continuing to teach remotely.
It was only after restrictions eased that Rebecca noticed a profound change in her mother. “It was more than her just recovering from the heart surgery,” she recalls. “Her personality and demeanour had changed.” This observation, coupled with her father’s own concerns, prompted Rebecca to contact her mother’s GP, initiating the process for an assessment. In 2021, Pam was diagnosed with Alzheimer’s disease. Her condition has since declined rapidly, leaving her bedbound and requiring visits from professional carers four times a day.
Rebecca’s role as a carent escalated significantly. She found herself balancing a full-time teaching career with weekend trips to her parents’ home to provide care. “Over the last two years, I’ve had large periods of time where I had to be away from work to be at hospital with my mum,” she shares. “Her verbal communication skills are going and because she is not able to communicate her needs, she finds being somewhere different very unstable.” She describes accompanying her mother to hospital, assisting with feeding, medication, and ensuring her comfort.
The strain on her work was considerable, though Rebecca credits her headteacher with being “amazing and very supportive.” She would sign herself off sick to be with her mother at the hospital all day, then visit her father in the evening to manage household tasks.
While Rebecca had contemplated reducing her working hours, fate intervened when she was made redundant at the end of August last year. Faced with the prospect of finding another teaching role, she considered the potential lack of support she might encounter in a new school, especially given her previous positive experience. This led her to the decision to become self-employed.
Currently, Rebecca’s income is sufficient to cover her mortgage and bills. However, the comfortable disposable income she once enjoyed has vanished. “The income I have now is not enough to save for a holiday or buy new clothes or put into savings – all the things I did before,” she laments. “I’m now having to think very carefully around my income.”
Dr. Jackie Gray, a retired NHS GP and founder of Carents, echoes these concerns, stating, “We are all finding it much more difficult to pay our bills, buy food and cover the day-to-day costs of living. Unpaid carers, such as carents, however, are especially vulnerable to money worries.” She adds, “Our research shows that the cost of caring could put carents’ future financial stability at risk.”
Dr. Gray also points out a critical issue: many carents are unaware of or do not claim the financial support they are entitled to. Furthermore, the means-tested nature of many benefits and grants can make it challenging for individuals to ascertain the extent of financial assistance available to them and their families.
To address these pressing issues, Carents offers a support hub providing free guidance and resources to individuals navigating the complexities of caregiving and its financial implications.
