Retirement specialist, Just Group, has released research into the lives of people in the sandwich generation providing care for an elderly relative, finding a “significant” loss of income for carers carrying out these responsibilities.
Just Group surveyed 1,000 UK adults aged 45-75 taking care of an elderly relative, finding that respondents have either stopped working altogether (9%) or reduced their working hours (28%) to provide support. These figures rise among those who are the sole carer for an elderly dependant to 14% and 33%, respectively. Loss of income The average monthly loss of income for carers who have reduced their working hours came in at £522, equating to £6,268 per year, with 14% of carers stating their monthly income reduced by more than £1,000 a month due to providing care. Out-of-pocket exp...
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