Home News Thousands of middle-aged brits with cancer forced to borrow from parents

Thousands of middle-aged brits with cancer forced to borrow from parents

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Thousands of middle-aged people in the UK are being forced to borrow money from their parents because of the cost of having cancer, according to a new report out today by Macmillan Cancer Support.

In No Small Change, Macmillan estimates that more than 30,000 people with cancer in their 40s and 50s (8%) have borrowed money from their elderly parents. More than 2,000 have moved in with their parents or parents-in-law after having to sell their house.

Macmillan Cancer Support says that people are having to borrow from the ‘Bank of Mum and Dad’ because of the costs of cancer, such as travel to and from hospital as well as loss of income because they are too unwell to work. An estimated 700,000 people with cancer (28%) of all age groups are vulnerable too because they have no savings to fall back on.

The charity says these new figures show how money worries can affect cancer patients and their families. It warns that cancer– which for the majority of people with cancer costs an average of £570 a month in lost income or increased expenditure – can ‘rob people of their independence’ and leave them feeling ‘ashamed and distressed.’ The report also shows money worries during cancer can affect people’s physical and emotional health.

Lynda Thomas, Chief Executive of Macmillan Cancer Support said:

“It is heart-breaking that people in their 40s and 50s with cancer might have to go cap in hand to their parents to ask for money simply to keep a roof over their head or put food on the table. The cost of cancer is leaving people embarrassed, ashamed and dependent.

“Borrowing money could cause tension amongst families at a time when people need support more than ever. While Macmillan is here for anyone facing money worries, we also need the Government, healthcare professionals and the banking and insurance sector to play their part to ease this burden.”

Terry White, from Nottinghamshire, was 56 when he was diagnosed with non-Hodgkin lymphoma. He said:

“Life before cancer had been comfortable. I’d worked hard and saved hard but six months into an eight-month chemo regime our savings had dwindled to nothing and our finances had spiralled out of control.

“I had to claim benefits for the first time in my life, with the threat of our home being repossessed hanging over us. It got so bad that I had to borrow £2,000 from my 78-year old parents.  It was deeply embarrassing that at this time in my life I was going cap in hand to ask for their support.’

Macmillan, which provides a range of support for people affected by cancer including benefits advice, financial guidance and grants, wants those with money worries to get in touch. But it also warns that the Government, healthcare professionals and the financial services sector must play a part in alleviating the financial struggles of people affected by cancer. With more families in general struggling with debt this year and the numbers of people diagnosed with cancer continuing to grow6, there must be urgent action.

The Government must ensure people affected by cancer can access the benefits they need. Health and social care professionals need the training and tools to raise awareness of potential money worries amongst cancer patients and signpost them to financial information and advice. The banking and insurance sector must provide support to meet the needs of those financially affected by cancer. For example, banks should ensure their frontline staff are confident in identifying and helping these customers.

To find out more about the financial impact of cancer, read the policy report and get support visit macmillan.org.uk/moneyworries.

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