Savings and retirement firm, Phoenix Group, has launched a new initiative, which will see it work with UK charities that focus on caring.

The new initiative, called Caring for Carers, aims to help people who work and care for someone to better balance some of the financial, personal, professional and emotional challenges they face.

The firm is linking with charities across the UK, including Carers UK, that focus on caring to help run the initiative.

“Through partnering with Carers UK we can support the great work they do and help drive real change in society," the firm's group head of social sustainability, Mary Bright said.

“Carers UK advocates for, champions, supports and connects carers across the UK, so that no one has to care alone. They also campaign for lasting change.

“Anyone can find themselves acting as a carer, regardless of their age. And the impact on them and their lives can be profound," she said.

Phoenix Group colleagues will work with Carers UK to raise awareness as well as developing volunteering and impactful fundraising opportunities together.

Carers UK CEO, Helen Walker added: “Most of us will provide care at some point in our lives and it can have a negative impact on our ability to work, our finances, our health and wellbeing and relationships.

"Yet caring can come as a shock that is often not planned for. With our ageing population this will become increasingly important, not just for carers, but for employers, the economy and society as a whole. That’s what makes this partnership really important and will help to deliver our mission to make life better for carers.”

Pheonix Group has been working to raise awareness of the challenges faced by working carers and has taken several steps to support employees, including 10 days paid carer's leave; five days unpaid leave and offering flexible working to suit caring and family responsibilities.

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