*Image from Centre for ageing better
Caring for the carers
Recent research by Care UK[1] estimates the number of unpaid carers in the UK at 10.6 million. My sister is one of those. She cares for my mother who lives with her and I know the physical and emotional strain this results in, as it does for everyone in this situation.
This presents a real issue.
If the health and well-being of the carer deteriorates, then what happens to be person (or sometimes people) being cared for?
We encounter this regularly from a financial perspective.
A relative will make contact with us to seek advice as to how to ensure the financial well-being of someone that they are caring for. Often they will talk about the burden associated with managing money on behalf of someone else. They will also share how difficult it is to navigate through the multitude of processes involved in seeking financial support for care.
What we don’t hear them talk about very often is their own financial situation.
The need to manage someone else’s money added to the physical, emotional and practical support that they are providing gives little if any headspace for the carer to think about themselves.
Our view is that this is an issue.
In the same way as deteriorating physical well-being of a carer will have a knock on effect to the person being cared for, so it will should their financial well-being deteriorate.
Therefore we believe in the importance of carers focussing upon their own financial circumstances, goals and resulting plans.
In order to do this, we appoint two members of the team – one to provide advice to the carer relating to the person being cared for, and one to provide advice to the carer themselves.
Our experience is that this provides space and time for all aspects to receive focus and be properly considered. It also helps to ensure that no conflicts of interest arise, or could be perceived as arising, when a carer has been appointed as an attorney for the person being cared for.
Ultimately our objective is to improve and maintain the financial well-being of the carer and the cared for.
This grants headspace and time for the care that people want to provide through emotional and practical support.
Steve Day
Independent Financial Adviser
[1] State of Caring 2022 – November 2022 – Carers UK
I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.
– Sebastian Ewell
Switchfoot Wealth Founder
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