Innovative Finance
August 1, 2024
Context
In Australia, there are over 3 million unpaid carers, and at least 391,300 are young carers under the age of 25. Young carers provide unpaid care to family members or friends living with disability, illness, substance dependency, or age-related needs. Often unseen and unsupported, many young carers balance their responsibilities with education, frequently facing stress, social isolation, and financial barriers. Without targeted support, their education and wellbeing are at risk.
Solution
The Young Carer Bursary provides financial assistance to young people aged 12 to 25 who provide unpaid care while studying or planning to study. In 2025, 2,968 bursaries of $4,000 will be awarded. The bursary is designed to ease financial strain by covering costs such as school fees, transport, uniforms, textbooks, laptops, and respite care. This flexible support helps young carers stay engaged in education while managing their caring responsibilities.
Impact
The bursary has made education more accessible for many of young carers, reducing dropout risk and alleviating financial pressure. It enables recipients to remain connected to their peers, participate fully in school activities, and care for their own wellbeing, all while continuing their vital caregiving role.