Macmillan Cancer Support likens cancer to a ‘financial wrecking ball’, as cancer diagnoses can result in reduced income, rising household bills and mounting transport costs to hospital appointments. As the charity reveals that one in two people with cancer in London (53%) are severely financially impacted by their diagnosis, new Macmillan data also shows that almost one in five adults in London (18%) – over 1.3 million people – only have £250 or less in savings, as of September – and one in eight (12%) don’t have any savings at all. Furthermore, one in six of those currently in work in London (16%) say they would be unable to make ends meet within a month of being unable to work.
While people in older age groups – who are most at risk of cancer – tend to have more savings, the new data shows that one in seven (14%) of those 55 or over in London have no more than £250 to fall back on. In addition, Macmillan’s new research shows 58% of people with cancer in London are in work when they are diagnosed. Across the UK, two in five (40%) of those who were in work when they were diagnosed have either since lost their job or left work.
At a time when cancer is at risk of becoming the forgotten ‘C’ amidst the coronavirus pandemic and the charity is facing a significant drop in fundraised income, Macmillan is launching a new campaign, ‘Everyone From Day One’, as it is announced as the new charity partner for the 2021 Virgin Money London Marathon and Charity of the Year for Virgin Money.
Sophia Jones, 51, from Harrow, was diagnosed with breast cancer in February 2019. She was forced to set up a Go Fund Me page, when she realised she wouldn’t be able to get through the following months financially.
“There are hidden costs that many people won’t foresee when diagnosed with cancer; for example costs to get to appointments can mount up quickly, or being cold from treatment and spending more time at home might mean your bills can snowball.
“I’d tell anybody diagnosed with cancer to get advice about the costs involved to help you prepare as much as possible, because you don’t know what’s around the corner.
“When you’re given the diagnosis, you don’t necessarily know timeframes and when I found out I needed more treatment than expected and would need to take more time off work, I soon used up all my holiday and sick leave allowance. A decreasing income and getting a cancer diagnosis are things that feel impossible to prepare for; you don’t think about it until it hits you and all the financial buffers have gone.”
Cancer can bring unexpected costs such as a loss of income for those unable to work, rising household bills – from extra heating needed to keep warm through treatment, for example, and from being at home more – and mounting transport costs to and from frequent hospital appointments.
Macmillan hopes this partnership will help it reach its goal of being there for everyone facing cancer from the time they are first diagnosed, to help with every aspect of their life from treatment, through to finances, and everything in between.
Calls to the financial guidance team on Macmillan’s Support Line have increased steadily in recent months, with calls answered by the service now 32% higher than during the first month of lockdown.[ix] The money raised by runners for Macmillan at the 2021 Virgin Money London Marathon and through Virgin Money’s fundraising activities will help the charity expand its telephone support line to offer round the clock help when people need it the most and support the professional development of Macmillan’s crucial healthcare professionals.
Lynda Thomas, Chief Executive at Macmillan Cancer Support, said: “At Macmillan, we hear from people living with cancer every day who are desperately worried about their finances – from worrying about paying their mortgage or putting food on the table, to holding off on switching the heating on when they need it and sitting at home chilled to their bones. It’s no exaggeration to say that receiving the life-changing news that you have cancer, for some people, is nothing short of a financial wrecking-ball.
“We are reliant on people’s generous donations to continue to support people living with cancer and they need us now more than ever. Please help us as we kickstart this fantastic partnership with Virgin Money and London Marathon so we can be there for even more people with cancer right from day one.”
