Research sponsored by Guardian and conducted by cancer charity Young Lives vs Cancer, has found that having a child with cancer is adds almost £700 a month to household outgoings.
Referred to as the ‘cancer premium’, this coincides with the need to reduce hours or take time off to attend treatment or look after their child, or the ‘cancer penalty’.
At an event this week, Guardian will launch an awareness campaign within the protection industry to highlight the significant and often unexpected costs to families of having a child with cancer.
Travel for appointments and treatment was the biggest single additional expense, at a monthly average of £250.
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 added a monthly £24, additional telephone bills £15, and accommodation £14 a month.
The costs rose in recent years, with the figures in 2023 representing a 15% increase for young cancer patients and their families compared with similar research run by the charity in 2017.
This comes at a time when other household expenses, including mortgage repayments for owner-occupiers and rental costs for tenants, are also on the rise.
Rachael Welsh (pictured), head of marketing at Guardian, 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.”
Rachel Kirby-Rider, chief executive at Young Lives vs Cancer, said: “The impact of a young person having cancer is devastating on so many levels, and this research shows just how difficult it can be for families financially.
“The financial support that young people and their families are entitled to rarely covers the additional financial burden, and that’s before you consider any lost income as a result of young people and parents needing to reduce hours or take time off.
“This is why Young Lives vs Cancer exists: to raise awareness of the issues faced by young cancer patients and their families, and to support them to face everything that cancer throws at them.”
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.
The protection challenger brand hoped 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.
