A new survey released on World Cancer Day by the Canadian Cancer Society (CCS) in partnership with the Angus Reid Institute is exposing the predicted long-term financial impact of a cancer diagnosis on working-age Canadians, including heightened concerns about their long-term savings and job prospects. It also gives insights into the financial strain experienced by people of all ages who have been diagnosed with cancer.
The survey found that nearly 80% of working-age Canadians (ages 18-64) worry they would struggle to save for retirement if faced with a cancer diagnosis due to out-of-pocket costs. These costs include prescription drugs, homecare, assistive devices, family care, travel-related expenses, accommodations and more. The Canadian Cancer Statistics report, released in December 2024, found that cancer costs the average patient nearly $33,000 in their lifetime.
The survey also found that people are concerned that a cancer diagnosis would impact their job prospects. Among survey respondents in their working years (ages 18-64), 28% felt it was likely they would lose their job if diagnosed with cancer and 42% felt it would be likely they would be demoted or miss out on an opportunity to advance in their career. Additionally, 66% felt it was likely they would have to take significant unpaid time off work for treatment and recovery.
“What this data tells us is that Canadians believe the immediate out-of-pocket costs of a cancer diagnosis would rob them of their ability to plan for their future,” says Dr Stuart Edmonds, Executive Vice President of Mission, Research and Advocacy at CCS. “Being forced to put retirement savings and careers on hold to deal with the immediate out-of-pocket costs can have lasting impacts long after the cancer has been treated or cured. Cancer takes enough from us – it shouldn’t also strip us of our financial future.”
An impact on retirement savings, even in the short term, can have a detrimental effect on Canadians’ financial well-being. When polled, 48% of working-age Canadians say they worry often or all the time about how they will support themselves in retirement, even without considering the impact of cancer on their financial stability.
Trends in cancer statistics reveal that cancer incidence is on the rise among younger adults. The global number of early-onset cancers (cancers in people aged 14 to 49 years of age) exceeded 1.8 million cases in 2019, marking a significant 79% increase since 1990. Of those diagnosed with cancer in Canada, nearly 40% are between the ages of 20 to 64. Meanwhile, more people are surviving cancer and living longer with the disease than ever before. That’s why action is needed to reduce the cost of cancer for patients, so they can continue to build a healthy and stable financial future long into survivorship.
More key findings
While the survey revealed Canadians are worried about the immediate and long-term financial impact of cancer, it also provided insights into the cost of cancer for people who have been diagnosed. Some key findings include:
- 23% of Canadians diagnosed with cancer reported facing “substantial out-of-pocket costs”, which caused difficulties making ends meet
- 21% of people diagnosed with cancer say it was difficult to pay their household expenses and others struggled with their rent (17%) or mortgage payments (13%)
- 40% of cancer patients report that saving for retirement suffered as they dealt with costs related to treatment
“Understanding the worries of working age Canadians as well as the experiences of people with proximity to cancer provides government, policy leaders and influential organizations such as the Canadian Cancer Society with the information and data required to take action around what’s working, what’s not and what needs to happen next,” says Shachi Kurl, President, Angus Reid Institute.
