Commonwealth Financial Planning backs key carers report

Commonwealth Financial Planning (CFP) has funded a study into the health, economic and social well-being of the 363,000 people providing unpaid care in Australia’s regional and remote communities.

The study was conducted by the Australian Institute of Family Studies, and launched as part of CFP’s sponsorship of Carers Australia at Carers Week, being held in Canberra.

The Institute found that of the 2.4 million people living outside major cities and inner regional areas, 363,000 provide unpaid care for family or friends. Those being cared for may have a disability, mental illness, chronic or terminal illness, or may be frail.

The study confirmed that carers in remote and regional communities are more likely to experience financial hardship than those in major cities, and also have difficulty accessing basic services, such as medial assistance and transport.

But when it comes to times of crisis, the study found carers living in remote areas are more likely to rely on financial professionals (as well as health and legal professionals) than those living in major cities, or without caring responsibilities.

Colonial First State Advice general manager, Paul Barrett, said there is a “clear social and economic benefit to improving the financial position of carers.

“We can draw on the strength of our planning network to assist carers in all areas of Australia by providing access to advice, from basics like budgeting and goal setting, to developing plans for achieving ongoing financial independence,” Barrett said.

Read the full report here: The Tyranny of Distance? Carers in regional and remote areas of Australia