Money worries should be the last thing on your mind when you’re dealing with cancer. We want to make sure the banking sector plays its part in helping vulnerable customers when they need it most.
Most people with cancer don’t tell their bank about their diagnosis, and many who do don’t get the support they need. Without the right support, the financial shock of cancer can turn into a crisis.
Cancer can affect people in many ways. Our latest report highlights the real life stories of the financial difficulties faced by people living with cancer, as well as what MPs and decision makers can do to fix it.
'I was battling my bank as well as cancer. I'm a typical example of someone with a non-aggressive cancer. That means after a certain period I could get back to work and function again, but the effect of cancer upon my finances was a very slow kind of drip, drip effect. I didn’t need that extra stress – my focus should’ve been on my recovery.
You're just trying to be brave and cope with it. You need everyone, including your bank, to be supportive.'
Since launching the campaign in November 2017:
Everyone’s got a part to play in making sure the financial shock of cancer doesn’t turn into a crisis.
The regulator of financial services firms (the Financial Conduct Authority) has committed to publishing a Discussion Paper on the introduction of a duty of care by the end of this year. Although this is a great step forward, there is still a risk of unnecessary delays to its introduction unless the Government take action.
We’re calling on the Government to set out how they will ensure a duty of care is introduced as soon as possible following this consultation.
CloseWhile there has been progress in the sector – some as a result of Macmillan’s work with partners such as Nationwide Building Society and Lloyds Banking Group – Macmillan’s research shows that too many people with cancer still aren’t getting the help they need from their bank to manage their finances when they are ill.
We'll be working to make sure the voices of people with cancer are represented in the FCA's upcoming Discussion Paper on a duty of care.
Macmillan’s ‘Make money one less worry’ campaign also aims to make sure that people know about the financial impact of cancer and can access the support they need from financial services providers, the NHS, Governments and beyond.
CloseBanks and building societies should help their customers to manage short periods of financial difficulty.
For example, banks can offer short-term measures such as:
This way, they can help people to manage the financial impact of cancer and prevent money worries from spiralling out of control.
CloseUK Finance is a body that represents nearly 300 firms providing banking and financial services. We’re calling on them to support our campaign for organisations in the banking sector to have a legal duty of care towards their customers.
The duty would apply to all customers, but we believe it would be particularly beneficial for people who are at risk of financial difficulties due to illness or disability.
CloseThis report outlines the banking sector's vital role in helping people to cope with the financial impact of cancer. In it, we make a number of calls on the banking sector to improve the support provided.
If anyone deserves a break, isn't it someone with cancer? Help us campaign for clear and fairly priced travel insurance.
Is cancer affecting your finances? Find out how we can make money one less worry.
We want everyone with cancer to receive the right level of treatment and support, regardless of who they are and where they live. Signing up as an e-campaigner is just one way you can help.
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