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Loan charges: cost of caring soars

Millions of carers are facing financial problems, from loan charges to rising credit card bills, as the cost of caring soars.

New research from the Money Advice Service, released to coincide with Carers Week (June 10th-16th), shows a third of people caring for both younger and older generations are suffering.

There are now close to five million so-called 'sandwich carers' and one-third are struggling to cover even basic living costs.

One in five (22 per cent) are in debt, with loan and credit card charges mounting.

Around half of the carers (48 per cent) earn less than £31,200 a year, meaning jobs and earnings are being impacted as a result.

One-quarter of the carers have had to reduce their working hours, and a further 25 per cent have had to give up work altogether, putting the squeeze on their finances even more.

Money Advice Service chief executive Caroline Rookes says: "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."

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801598379-ADNFCR

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