Young cancer survivors face not only the physical and emotional challenges of their illness but also a hidden financial burden that can have long-lasting effects on their lives. A recent study comparing Canadian adolescents and young adults diagnosed with cancer to those who did not experience the disease revealed that surviving cancer leads to a significant reduction in earnings over a 10-year period post-diagnosis.
The financial impact of cancer on young survivors is profound, with an average income loss of more than five percent over a decade. The immediate aftermath of a cancer diagnosis can result in survivors earning 10% to 15% less in the first five years. The type of cancer also plays a role in the financial toll, with survivors of brain cancer experiencing a more than 25% drop in their average annual income.
The long-term effects of this income loss are unknown, but it is clear that the financial setback can have a devastating impact on a young person’s future. Financial toxicity, which includes direct costs of treatment and medication as well as indirect costs like reduced work ability, extended sick leave, and job loss, further exacerbates the financial challenges faced by young cancer survivors.
Many survivors also experience lasting physical and cognitive effects that limit their ability to function in everyday life. Even with access to Canada’s universal healthcare system, young survivors may be unable to work and reliant on family support. This can lead to financial instability and hardship, making it difficult for young survivors to recover financially.
The issue of financial instability among young cancer survivors is not just an individual problem but a societal challenge. In a time of unfavorable job markets, rising youth unemployment, and increasing inflation, young survivors are faced with additional financial obstacles that hinder their recovery and future prospects.
To address these challenges, policymakers, primary care providers, and employers must take action. Policymakers can support survivors by improving employment insurance benefits and providing tax credits for those disproportionately affected by financial toxicity. Primary care providers can offer financial navigation counseling, resources for navigating financial assistance programs, and routine screening for financial toxicity. Employers can also play a role in supporting young cancer survivors by recognizing the financial challenges they face and providing necessary support.
By acknowledging the hidden costs of cancer for young survivors and taking proactive steps to address their financial well-being, we can help ensure that these individuals have the resources and support they need to thrive beyond their cancer diagnosis.
