Taking Money Off Your Mind: Dealing with Cancer and Money

The Money Charity & World Cancer Day (2)

As part of World Cancer Day 2018, we at The Money Charity want to offer support to those affected by cancer who may be worried about the impact a cancer diagnosis can have on their money.  Whether you’re a patient, parent, family member, friend, or colleague, it’s important to know where to turn for support during this challenging time.

The physical, mental, and wider effects of cancer and treatment are widely reported.  The effect cancer can have on personal and family finances is a lesser known side effect that has begun to get some attention recently.  At a time when all energy is required to beat this life threatening illness, you don’t need money worries weighing on your mind as well.

A recent article from ‘This is Money’ stated that for those battling cancer, their monthly income can drop by an average of £570, leaving around 72% unable to cope.  A reduction in income together with the potential of increased costs such as transport can have a major impact.

Whether a lifelong saver or just making ends meet, it’s safe to say you will probably need some support to navigate your new normal.  This could mean dipping into your savings, relying on family or friends, obtaining charitable grants, or accessing benefits provided by your employer or the state.

The good news is, help is available!  It’s important to allow yourself to ask for help, even if that feels slightly uncomfortable.  Accessing and understanding benefits, insurance policies, and other support can be rather daunting.  Thankfully, cancer charities, support organisations, and even some banks are offering money, debt, and benefits advice to support patients and their families. Understanding your options and getting support when you need it will get you back to focusing on what matters most!

We’ve compiled a short list of some of the organisations where you can find support (additional support organisations may be available in your local area):

Macmillan Cancer Support

Penny Brohn UK

Maggie’s Centres

Turn2Us

The Money Advice Service

Clic Sargent

Teenage Cancer Trust