A third of ‘sandwich' carers who look after both younger and older relatives have struggled with meeting basic living costs and have identified an ‘advice gap'.
A study by the Money Advice Service found 32% of such carers have struggled to cover day-to-day expenses while over one in five (22%) are in debt and find it difficult to cope financially.
One in ten UK adults (aged 16+) currently provide care to one or more generations of their family (this equates to 4.7m people); and a further 16% of adults (aged 16+) have done so in the past.
The research found few had put any plans in place to help them manage the financial impact and costs involved - over half (56%) agreed this would have helped their situation.
Respondents identified a clear advice gap, with confusion over where to turn to for help and few getting the support they need. Over two-thirds (70%) said they would benefit from access to advice and support.
A quarter (25%) of the carers have had to reduce their working hours, and a further quarter (25%) have had to give up work altogether. Over a third of carers (35%) have been providing care for over five years; they spend on average just under 30 hours a week caring for children under the age of 16, plus a further 18 hours caring for parents and other elderly relatives.
Half (49%) of carers who provide financial support have estimated they spend up to £10,400 per year on the one or more generations that they care for; 37% said they've had to cut-back on day-to-day spending; while a third (29%) have dipped into their savings. Over one in ten (16%) have turned to credit cards or their overdrafts to support themselves financially.
Caroline Rookes, chief executive of the Money Advice Service, said: "This research highlights the real financial strain which ‘sandwich' carers are under, and how people with a dual-caring role face a multitude of pressures, which vary from family to family. Money is clearly only part of the picture, but it's a major factor affecting carers' lives and we know millions are struggling to cope.
"There is no single solution for all carers because every circumstance is different, but we have a host of free support, from everyday budgeting to funding your own long-term care."
