Peter - Parenthood & Becoming a Carer
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Moments
Growing Up, Studying & Re-Qualifying
Entering & Re- Entering the Workplace
Relationships: Making Up & Breaking Up
Parenthood & Becoming a Carer
Later Life, Planning & Entering Retirement
Ill-Health, Infirmity & Dying
Perils
Financial Capability Imperative
Pay Gap
Shared Living & Cohabitation Pitfall
Parenthood & Caring Penalty
Flexible Working Sacrifice
Wellness Threat
Divorce & Separation Setback
Abuse Danger
Pension Deficit
Financial Wellbeing
Longevity Trap
Graduation Gap
Skills & Qualification Gap
Peter - Parenthood & Becoming a Carer
Peter’s father’s health is failing. Peter is an only child and supports his increasingly frail mother to help care for his father. He is finding it hard to work full-time and it looks likely that his father will need to go into a care home.
1 in 4 men in their late 50s care for an adult.
Fortunately, Peter and his Mum and Dad talked about later life a few years ago. Peter’s parents have made financial provision for their old age and care. This helps Peter too as he can have better control over the amount of time he takes off work as well as any costs he might incur on his parents’ behalf.
44% of working carers struggle to balance work and caring roles, 9% of carers say their employer offers paid leave.*
Peter is familiar with his employer’s carer policy which allows him to work flexibly and, unlike many employers, to take paid carer leave. This will help Peter to balance his commitments and the financial impacts.
12% of UK adults have Lasting Powers of Attorney in place to provide for their becoming incapacitated.*
Helping elderly loved ones to set up their affairs so that their financial provision for care is accessible should they become incapacitated will bring confidence to one’s own financial planning. Having a Lasting Power of Attorney for his parents has been really helpful for Peter as he has been able to sort out all the insurance, bills and household finances for his parents.