Types of financial challenges cancer can cause

A childhood cancer diagnosis can profoundly disrupt family life. These examples are just some of the challenges the families we support have faced:

• Families often sit in a space of uncertainty of ever-changing treatment schedules, meaning they need to reduce working hours or quit work in order to care for their child.
• Decreased income is often paired with increased expenses as they try to cover out-of-pocket costs.  
• Many families come from regional or remote parts of Australia and need to travel great distances to attend specialists’ appointments, causing increased travel costs, accommodation costs, and often, a need to maintain two separate households.
• Some families face social, language and cultural challenges within the complex healthcare system.

Amidst these mounting stressors, families find themselves grappling with distress, fatigue, uncertainty, and varying emotions as they try to maintain hopefulness whilst diligently caring for their sick child. This can often push families into what is called financial toxicity.

What is financial toxicity?

The Clinical Oncology Society of Australia defines financial toxicity as “The negative patient-level impact of the cost of cancer. It is the combined impact of direct out-of-pocket costs and indirect costs and the changing financial circumstances of an individual and their household due to cancer, its diagnosis, treatment, survivorship and palliation, causing both physical and psychological harms, affecting decisions which can lead to suboptimal cancer outcomes”(1)

In summary, financial toxicity is the direct or indirect impact of how cancer effects the overall financial situation of a family. These financial struggles can lead to physical and emotional difficulties for families which make it hard to pay for everything they need.

In our research from January 2021 to June 2023 we found:

Source (2)

The data above confirms the ongoing impacts a cancer diagnosis has on a family financially. These financial impacts can change over time and sometimes can be extended months if not years.  Dealing with cancer can be a long and tough journey, and sometimes there might not be much help available from others. Redkite understands how difficult it is for these families when a child is diagnosed with cancer, as it causes a lot of changes in their lives.

Redkite aims to provide a comprehensive support system for families, considering everything that makes up a family like their social connections, community ties, cultural background, environment, and financial situation. This approach helps families become stronger and better equipped to handle tough times, empowering them to cope with the challenges they face during the cancer journey.

If you or a family you know need financial support, Redkite offers a Financial Assistance program and a support team that can help connect families with any financial support they may need. Contact us today to find out more about how we can help.

References

1. McLoone J, Chan RJ, Varlow M, Whittaker K, Lindsay D, Thamm C, et al. Challenges and solutions to cancer-related financial toxicity according to Australian health professionals: qualitative results from a national survey. Supportive Care in Cancer. 2023 Jul 1;31(7).
2. Cummings J, Robertson E, Rowe-Sykes B. Digital innovation improving the equity of financial assistance for families experiencing childhood cancer. In: Cancer Innovations Conference. Sydney; 2023.