Three in 10 (30%) cancer patients have had to resort to drawing on their savings to get by because of the impact their diagnosis had on their finances, according to research from Zurich.
Notably, more than one in four (28%) cancer patients said money worries were one of the hardest parts of having cancer, ahead of telling their children (27%) or the impact it had on their personal relationships (25%).
The insurer’s survey of 500 UK cancer patients found on average, people living with cancer spent £756 a month or £9,072 a year on additional costs since their diagnosis or during their treatment.
Nearly three in 10 (29%) had had to spend more than £1,000 extra a month, with 7% estimating they’d had to fork out more than £2,000 a month.
Furthermore, one in four (23%) said they were struggling financially following their diagnosis and could not pay all of their bills.
Consequently, many cancer patients have had to balance bringing in a steady stream of income and prioritising their health.
A fifth (20%) said financial concerns had forced them back to work earlier than they would have liked, and a further 15% said their partner had been forced to quit their job in order to care for them, which in turn had affected the household income.
Protection role
While one in three (31%) cancer patients surveyed said they had a savings safety net which covered their time off work, more than a quarter (26%) had no financial provisions in place whatsoever.
One in four (24%) reported that when it came to their finances following a diagnosis, their life had been made much easier by a pay-out from a critical illness or income protection policy.
The most common financial provision people had in place prior to a cancer diagnosis was private health insurance (33%). Only a quarter had protection such as critical illness cover (25%) or income protection (25%).
Louise Colley, director of retail protection at Zurich UK, said: “For many, the financial impact of a cancer diagnosis can be unexpected and span way beyond the illness itself. Our data shows that the stress of managing unexpected costs adds a heavy burden for individuals, families and their loved ones with many struggling to make ends meet.
“With so many people’s lives touched by cancer, protection can play a vital role in ensuring life is made a little easier following a diagnosis.
“There are also some charities that support cancer patients with managing extra costs like parking or prescriptions. If anyone needs practical or emotional support, charities like Maggie’s can offer support through their network of centres across the UK.”
Dame Laura Lee DBE, chief executive of Maggie’s, said: “These hidden costs have always been there, but they are compounded by the drop in income that usually comes with a diagnosis and the increase to the cost of living we have seen over the last few years.
“Coping with the cost of cancer is far harder today and it’s unthinkable that someone worrying about cancer is also worrying about putting the heating on, getting to their hospital appointment or buying food.”
