New figures from Quilter show that fewer people applied last year for valuable Carer's Credits which could help boost their State Pension.
The findings were released by the wealth management firm following a Freedom of Information (FOI) request which discovered that some 5,209 people claimed Carer's Credit in 2020 - down by around 20 per cent from 6,489 claims recorded in 2019.
Carer's Credit allows a person to take on caring responsibilities and counts towards their State Pension entitlement by helping to fill gaps in their National Insurance records.
Quilter said the number fell despite some recent evidence suggesting that many more people became unpaid carers during the coronavirus pandemic.
In 2015, the Department for Work and Pensions ( DWP ) estimated around 200,000 carers were eligible for the credits, with women making up a substantial proportion - Quilter said it expects this number has increased since 2015 and calculated that only around a fifth of eligible carers have claimed the credit since it launched in 2010.
To qualify for Carer’s Credit, a person must be aged between 16 and State Pension age and look after one or more people for at least 20 hours a week.
Each annual credit missed could cost 1/35 of the value of the State Pension - equating to around £260 per year or £5,200 over the course of a typical 20-year retirement, Quilter said.
Olivia Kennedy, financial planner at Quilter, said: "In this unprecedented year it is inevitable that we will have seen a dramatic increase in the already sizable unpaid carer population.
"Throughout the pandemic, they have continued to prop up support services.
"However, these people sometimes don't even recognise themselves as carers or the extent of the sacrifice they are making.
"Thinking of their own long-term financial wellbeing is crucial and the State Pension is a big part of that, particularly as it's money they rightfully deserve."
More information about claiming Carer’s Credit can be found on the GOV.UK website here.
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