The Bank of England has warned that UK inflation could reach 10% in the last three months of 2022, largely because of global energy prices.
The Office for National Statistics (ONS) most recent Opinions and Lifestyle Survey figures found:
- nearly 9 in 10 (87%) reported that their cost of living had increased; this is an increase compared with 83% in the previous period and 62% when this measure was first recorded (over the period 3 to 14 November 2021)
- among these adults, the most common reasons reported were an increase in the price of food (88%), an increase in gas or electricity bills (83%) and an increase in the price of fuel (77%)
- among those who pay energy bills, 4 in 10 (43%) said they found it very or somewhat difficult to pay their bills
- among those who said they have gas or electricity supplied to their home, 6% reported they were behind on their gas or electricity bills
This added with the financial implications commonly faced when caring for someone can be a worrying time for carers. But you might be pleasantly surprised about the financial support that is available to you. You just need to know where to look and how to ask for it.
Carers UK found that £1.1 billion of Carer’s Allowance goes unclaimed every year and 95% of carers who are entitled to funding through Carer’s Credit are not currently claiming it.
As an unpaid carer, you may be entitled to certain Department of Work and Pensions benefits such as Carer's Allowance, which is not means tested for carers aged over 16 who look after someone for more than 16 hours a week and may provide a vital contribution which can help you get by in your busy day-to-day life.
If you take a break from work due to caring; Carer’s Credit is a National Insurance credit that fills up gaps in your National Insurance record. It also helps towards your State Pension while you’re not making any contributions because of your caring role, meaning that you can concentrate on looking after the person you care for, without worrying about your future finances.
Utility companies (gas, electric, water) have a legal duty to support you if you are struggling to pay your bills including offering payment plans. Learn more about the help you can get with your energy bills as a carer and get in touch with your local supplier to find out how they can help.
You may also be eligible for council tax relief, in the form of a reduction or exemption if you are a live-in carer or are not the spouse or partner of the person you care for. Or you may be eligible for a grant for carers.. You might be surprised how many charitable trusts exist, set up to provide grants to people in need.
The benefits system is complicated, with each benefit having its own set of rules, so working out what you might be entitled to when your income falls can feel like a challenge. Carers First provides access to the turn2us benefits calculator where you can check your eligibility. Or contact your local authority, who will point you in the right direction to finding the appropriate relief for you. Carers First can also support you to explore benefits you may be entitled to and help you to minimise the stress associated with carers finance.
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