Macmillan, the Cancer Charity has released a report which uses personal stories to communicate the financial impact of the disease.
According to the report entitled ‘Cancer – a costly diagnosis’, four million people will be living with cancer by 2030 and 83% of people living with cancer are £570 a month worse off on average. It also found that 400,000 people with cancer in the UK struggle to pay household bills.
Using real life cases, official figures and surveys, the report focuses on three main areas: Universal Credit, the duty of care of financial institutions and access to travel insurance. The report wants banks and building societies to help their customers to manage the cost of cancer highlighting the fact that 39% of people with cancer have used savings, sold assets or borrowed to cover the costs or the loss of income caused by their diagnosis. Compare this to the fact that only 11% said they told their banks about their diagnosis and of those who did 23% reported being dissatisfied.
It also revealed that 61% of people who were financially impacted by their cancer diagnosis said it had negatively affected their quality of life. Macmillan said that through its work with Nationwide and Lloyds Banking Group, more than 1,000 people have been referred on to receive further financial guidance – either from the Nationwide Support Service to Macmillan, or vice versa.
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