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Analysis by Phoenix Insights, Phoenix Group’s longevity think tank, finds that a quarter (27%) of people think they’ll be a carer by the time they’re 671, which will be the age at which people will qualify for the State Pension in April next year. However the reality is that half will be a carer by the time they reach the age of 502. This discrepancy about caring responsibilities could be leading many caregivers to under save for their futures.
The findings are part of a Phoenix Insights report3 which explores how people work, save and retire, and how this has changed over time. It finds that nearly half (47%) of carers have zero private pension savings at age 60 to 65 and among those aged 60 to 65 who do have pension savings, carers have 17% less than the UK average, representing a shortfall of nearly £37,000.
Patrick Thomson, head of research analysis and policy at Phoenix Insights said: “Over the last 30 years we’ve seen major changes in the labour market, with higher overall employment rates, particularly for women. Despite this there are still large number of people economically inactive who are not in work for caring, health or other reasons – hampering their ability to save for their retirement.
“As our population ages, a rapidly growing number are, often unexpectedly and earlier than they anticipated, caring for loved ones across multiple generations. This can put them at particular risk of falling out of paid work and becoming financially vulnerable in later life.”
Previous Phoenix research has also found that a significant proportion (45%) of unpaid carers struggle to meet even day-to-day living costs because they are out of work with caring responsibilities5.
A lack of understanding about caring responsibilities is being further compounded by many feeling uncertain about the future, Phoenix Insights polling finds. Most people (44%) can imagine their life over the next 5 years, but the next 15 feel much less clear (only 31% say the next 15 years is clear).
Sara Thompson, Chief People Officer at Phoenix Group said: “People shouldn’t have to choose between caring for a loved one or going to work, but many have to do so with an estimated 2.6 million6 people leaving the workplace to care for a relative or loved one which is having a negative impact on their ability to save for their private pension.
“It’s important for businesses to retain valuable employees and do what they can to support colleagues with caring responsibilities to stay in work for as long as they need or want to, through offering flexible working arrangements and providing paid carers leave – giving workers the ability to care for a loved one but not at the expense of their own financial futures.”
