Cancer Patients loose £10,000 in earnings
5th October 2023
New research has shown that over a third of cancer patients and their families loose £10,000 or more of income following a diagnosis due to needing to make changes to their work schedule.
259 participants took part in the survey which included parents, caregivers of children as well as adults who have undergone cancer treatment and care within the past two years. Over 70% of participants experienced a loss in income due to having to take time off work or time away from the workplace as well as having to change employement arrangements becasue of treatment plans.
The average additional cost for families in the UK following a diagnosis is nearly £700 extra a month with the biggest additional expense being on travel due to attending appointments for treatment. With additional costs following a diagnosis including food at £144, energy bills at £68, clothing at £56, toys and treats at £48, and childcare for other siblings at £30, all of which were incurred as a direct result of attending or recovering from cancer treatment. Parking was found to add a monthly £24, additional telephone bills £15, and accommodation £14 a month.
Rachel Kirby-Rider, chief executive at Young Lives vs Cancer, stated that the impact of a young person having cancer is “devastating on so many levels” and that this research shows how financially difficult it can be for families. The financial support that young people and their families are entitled to rarely covers the additional financial burden, and that’s before you consider any lost income as a result of young people and parents needing to reduce hours or take time off.”
Young Lives vs Cancer recommended the creation of a Young Cancer Patient Travel Fund to help children and young people, and their families, to afford the cost of travelling for essential treatment.
The charity also recommended that financial services and energy companies ensure they have vulnerable customers’ policies that include parents and caregivers of young patients, while employers should implement measures to support workplace participation alongside illness or caring responsibilities.
Additionally, relevant financial support, including through the social security system, should be made accessible to young patients and their families from the point of diagnosis, Young Lives vs Cancer stated, as this help with the immediate costs when receiving a cancer diagnosis.
If you need an income protection policy to ensure you are covered in the event that you need to take a prolonged period of time off work due to sickness then speak to BDHL today on 01892 891900. We are here to offer impartical advice to best suit your circumstance.