Retirement poverty could be a risk for 1.7 million Gen Xers – ‘It’s a travesty’ | Personal Finance | Finance


“It’s something all employers need to recognise. At Phoenix we have recently upped our paid Carers Leave provision to ten days to support our working carers, alongside an employee assistance programme, and an extremely active colleague Carers Network.

“Offering even greater flexibility and paid carers’ leave will enable employers to retain carers in their organisations while giving them the breathing space they need, and the right to look after loved ones without extra worries about their savings or their career.”

Sophia Dimitriadis, Research Fellow at ILC and report author, added: “While unpaid carers provide a huge service to our society and save the NHS over a hundred billion pounds each year – they are unfairly penalised for this.

“They disproportionately risk facing financial hardship in retirement – with 35 percent of Gen X carers especially at risk – mainly due to the impact of caring responsibilities on their ability to work and save for retirement. But it doesn’t have to be this way – most carers want to work.

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