Nearly one in three cancer patients in the UK have had to dip into savings and 29% face extra costs of over £1,000 a month, according to Zurich UK research.
The research found that nearly half of all people will be diagnosed with some form of cancer in their lifetime. It also found that people living with cancer spend an average of £756 a month or £9,072 a year on additional costs including travel to appointments, energy bills, hospital parking, childcare and prescriptions. Nearly three in ten spend more than £1,000 extra per month and 7% face over £2,000 in monthly costs.
More than a quarter of patients reported money worries as one of the hardest aspects of living with cancer. One in five returned to work sooner than they would have liked and 15% said a partner had left work to provide care.
The research also highlights financial protection gaps with 31% having a savings safety net, 26% having no provisions and 24% saying a critical illness or income protection payout eased the financial burden. Meanwhile, private health insurance was held by 33% of respondents while a quarter had critical illness or income protection cover before diagnosis.
Zurich UK director of Retail Protection Louise Colley says: “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.”
Maggie chief executive Dame Laura Lee DBE says: “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.
“Maggie’s provides free expert for people with cancer, and their family and friends, to help them navigate these challenges, and people can visit our centres with no appointment or referral needed.”
