New research sponsored by Guardian and conducted by cancer charity, Young Lives vs Cancer, has found that the financial cost of having a child with cancer is significant, with the average additional costs for young cancer patients and their families hitting almost £700 a month.
These major additional costs – referred to in the report as ‘the cancer premium’ – often coincide with the need for those affected to reduce hours or take time off to attend treatment or look after their child. This results in a simultaneous financial impact – referred to as ‘the cancer penalty’.
Of the almost £700 a month of additional expenses for households following a young person’s cancer diagnosis, travel was found to be the biggest single additional expense at a monthly average of £250, reflecting the need to get to appointments and treatment. Food was the second biggest additional monthly expense at £144, followed by 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.
Not only are these additional monthly costs high, but they’ve also risen in recent years, with the figures in 2023 representing a 15% increase for young cancer patients and their families compared to similar research run by the charity in 2017. As described by one of the parents contacted during the 2023 research: “It’s a huge strain mentally and physically. Having a child be diagnosed and go through treatment and hospital stays and horrific side-effects is literally the worst thing any parent can face. Having to do this whilst holding down jobs, normality for our other child and trying to hold everything together to pay a rising mortgage, bills etc… in a cost-of-living crisis and the added costs of travel, parking and food for treatment, has put a huge strain on us financially and as a family.”
On top of the cancer premium, over two thirds (71%) of the young cancer patients and their families contacted during the research had experienced loss of income or earnings because they needed to make changes to their work schedule, with the average loss reported as more than £6,000 a year. For nearly a third (31%), the fall in their income and earnings was even bigger, with a loss of £10,000 or more. Of the households with someone employed prior to the diagnosis, for nearly a third (32%) the income losses resulted from at least one of the adults stopping work entirely.
Rachael Welsh, Guardian’s head of marketing, has been working with the charity to commission the research. She said: “It’s sad and shocking to think that, on top of the emotional turmoil of having a child with cancer, the families of these young people must find almost £700 a month on top of their normal outgoings to simply cover the cost of their child having the illness. It’s even more worrying when you consider that alongside this extra expense, over two thirds of the families affected are also impacted by a significant loss of income and earnings as they take time off to attend treatment and to look after their child. They’re being hit financially by both a cancer premium and a cancer penalty.
“No family should have to go through financial hardship at the very time they’re dealing with their child’s cancer. At Guardian we believe every family should be able to put in place something to protect against the negative financial impact of their child being seriously ill, and that’s why we offer optional Children’s Critical Illness Protection. This cover can be added to any of our adult covers – including Life Protection and Income Protection – to give families the peace of mind that should their child become seriously ill, money won’t be something that adds to their worries.”
To further support Young Lives vs Cancer, Guardian is holding a fundraising event in London this week with many key partners. Partners attending are invited to donate directly to the charity, helping to support young people with cancer and their families. Guardian is also using the event to launch an awareness campaign within the protection industry to highlight the significant and often unexpected costs to families of having a child with cancer. The protection challenger brand hopes the research findings will help highlight the need for more advisers to discuss children’s critical illness cover with their clients, to help prevent families from falling into financial hardship if their child becomes seriously ill.