New Canadian Cancer Society survey reveals working-age Canadians fear a cancer diagnosis would rob them of a stable financial future

New polling data indicates nearly 80% of working-age Canadians worry they would struggle to save for retirement if faced with a cancer diagnosis due to substantial out-of-pocket costs

TORONTO, Feb. 4, 2025 /CNW/ - 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.

Read the Angus Reid report.

Steven's story

Steven Hodges noticed a small bump under his ear that prompted his doctor to send him for an ultrasound. Four days later, he was diagnosed with stage 4 throat and mouth cancer.

Steven underwent treatment, which involved 40 rounds of radiation, combined with chemotherapy that left him grappling with physical and emotional pain. Still, he would continue to take work meetings with clients, going as far as hiding chemo ports and tubes on his body and wearing makeup to conceal his pale complexion, desperate to continue working so he could provide for his wife and young child.

Steven faced the challenge head on of balancing treatments, work, recovery, and caring for his family. He lost two years of steady income because of his cancer diagnosis and worried about losing his house. He drained his savings to keep his family afloat, with his expenses estimated to be $125,000. He took out a second mortgage on his house and was forced to drain savings he spent years building up.

"I had to deplete certain savings accounts that I had. I had retirement accounts, RRSPs and TFSA accounts, and all of that progress was gone because I had to think of my immediate survival," says Steven. 

Self-employed, he couldn't afford disability insurance and his wife's health insurance plan was unable to fully cover the cost of medication.

"The pressure was enormous; I thought I was in a vice. I didn't want to let my family down," Steven says. "I knew I had hit rock bottom when it was going to be stressful for me to come up with $100. I was just scraping by."

Now cancer-free, Steven volunteers with the Canadian Cancer Society's Wheels of Hope, driving people to and from their cancer appointments, a service he once relied on while he was undergoing treatment.  

Patients are bearing too many of the costs of their cancer experience. CCS is advocating for measures to alleviate the financial impact on cancer patients and their caregivers, so they can continue to focus on getting well. These measures, targeted at all levels of government, include making the Canada Caregiver Credit refundable, lowering the cost of out-of-pocket expenses including cancer drug costs, and implementing guaranteed job security. CCS also wants to see the government invest in cancer prevention and early detection, and address the critical shortages of healthcare providers to help manage the problem upstream.

You can help. Sign our petition to reduce the cost of cancer care in Canada by visiting cancer.ca/costofcancer. 

About World Cancer Day
World Cancer Day is a global initiative led by the Union for International Cancer Control (UICC) focused on raising worldwide awareness, improving education and catalyzing personal, collective and government action to prevent cancer, save lives and ensure access to life-saving cancer treatment and care is equitable for all. This year, organizations around the world are focused on different dimensions of people-centred cancer care and new ways of making a difference. The Canadian Cancer Society (CCS) is building on this global theme by bringing the voices of Canadians to governments through a call for more affordable cancer care.  

About the survey
From January 10 - 17, 2025, the Angus Reid Group conducted an online survey among a representative sample of 2,044 adult Canadians. The respondents are members of Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 1.5 percentage points, 19 times out of 20.

About the Angus Reid Institute

The Angus Reid Institute (ARI) was founded in October 2014 by pollster and sociologist, Dr. Angus Reid. ARI is a national, not-for-profit, non-partisan public opinion research foundation established to advance education by commissioning, conducting and disseminating to the public accessible and impartial statistical data, research and policy analysis on economics, political science, philanthropy, public administration, domestic and international affairs and other socio-economic issues of importance to Canada and its world.

About the Canadian Cancer Society  
The Canadian Cancer Society works tirelessly to save and improve lives. We raise funds to fuel the brightest minds in cancer research. We provide a compassionate support system for all those affected by cancer, across Canada and for all types of cancer. Together with patients, supporters, donors and volunteers, we work to create a healthier future for everyone. Because to take on cancer, it takes all of us. It takes a society. 

Help us make a difference. Call 1-888-939-3333 or visit cancer.ca today. 

SOURCE Canadian Cancer Society (National Office)

For more information, please contact: Victoria Young, Communications Coordinator, 416-572-4252, [email protected]