The Rise of Millennial Carers

Of the many traits that are associated with the millennial generation in the UK, financial uncertainty is probably the most prominent. Indeed, the they have come to be associated with prioritising avocado on toast over saving to buy their own homes.

On the other hand, one thing that may not be commonly associated with millennials today, is their role as a family caregiver, which is a responsibility becoming more prevalent. This involves overseeing the finances of those they’re caring for, especially when they become vulnerable. This can carry a high stress burden. Kalgera will play a vital part in helping to relieve this stress, by allowing carers to safeguard the finances of their loved ones in an easy and accessible way.

We are living in an ageing population. In the UK, 11.5 million adults are over 65, equating to 22% of the population (FCA). By 2032, the number of people aged 65 and over is expected to grow by more than a third, and those over 85 to double (ONS). To further demonstrate this shift, when the NHS was firsat created 1 in 2 people died before they reached 65 and that has now dropped to around 1 in 8 (NHS England). Whilst positive, this shift is altering the cultural landscape in an unprecedented way.

People are having children when they are older, and living for longer, so carers are beginning to widely vary in age. Across the Atlantic in the USA 10 million millennials care for a family member (AARP). Millennials are generally understood to be born between the early 1980’s and mid 1990s, and were coming of age around the time of the financial crisis in 2008. Like all carers, millennial carers deserve support when they begin to take responsibility for the safety of a family member. Arguably, they may need more support than their older carer counterparts, considering that traditionally they have never had to take on such a role (AARP).

It's never easy, but it happens in a lot of families: that moment in time when children and parents switch roles. Millennial caregiving has seen a surge recently. O the 40 million people who give unpaid care to family or friends, about a quarter are in their twenties and thirties.

Millennial carers may even suffer a heavier burden than older carers, due to the amount of responsibilities they may already have in their lives.  For instance, they are likely to be juggling employment simultaneously, making them time-poor. In contrast to this, the average caregiver (currently between 50 and 64 in the UK) is more likely to be further along in their career, working part-time, or even retired, and thus more time-rich (

Along with this, millennials are not as financially resilient as their older counterparts. The Financial Conduct Authority found that only half of those aged between 18 and 34 are financially resilient, whereas three quarters of those aged 55 and above, have financial security. Without the time, or money, the pressure to care for a vulnerable family member may become very challenging.

As well as taking care of their own finances, millennial carers may feel the burden of worrying about managing the finances of their vulnerable family member, especially because any one of us can become financially vulnerable at any given time.

Kalgera is combatting this problem. The app allows carers to safeguard the finances of vulnerable family members by alerting them of any unusual financial behaviour, and enables them to take more proactive action if necessary (fintech4life). This technology serves to unburden carers and vulnerable family members who need it most.