Jon Greer, head of retirement policy at Quilter, said: “While most carers accept those sacrifices without a second thought, the impact on their future finances can easily be overlooked.
“Time spent out of the workforce can create gaps in a person’s National Insurance record and, if left unchecked, those gaps could ultimately reduce the amount of State Pension they receive in retirement.”
Mr Greer said the increase in applications showed that awareness was improving, but warned that take-up remained low compared with the number of unpaid carers.
He added: “The steady rise in claims is encouraging and suggests awareness of the credit is growing. However, when compared with the millions of unpaid carers across the UK, the number of people applying remains relatively small.”
Ramzi Suleiman, policy manager at Carers Trust, said: “Many carers have to reduce their working hours or leave employment altogether because of their caring role, which has an immediate impact on their income, as well as potentially far-reaching consequences on their finances in later life.”
Mr Suleiman urged carers to contact their local carer service to find out whether they are eligible.