Illness and your finances

Illness and your finances

Falling ill can put a strain on your finances and your mental health. Find out what you can do and where you can find help and support with managing your health, lifestyle change, and money.

How can an illness affect your finances

Being diagnosed with an illness, whether short term, or long-life, can be a lot to take in, and can take its toll on your mental health. That’s why seeking help, not just for the illness itself and physical support, but for your day-to-day tasks and emotional support is so important.

One aspect of your life you may need extra help with is your finances. There are a number of reasons why developing an illness can affect the amount of disposable income you have and the way it needs to be managed, so it’s important to understand what is available to you.

If you have developed an illness that can affect your mental capabilities, for example, dementia, you may want to contact your bank to set up someone as your appointed speaker to speak on your behalf for the days which you find yourself struggling. Not all banks may offer this, so you may also want to look into a more long-term solution by organising third-party account access.

If your illness requires care, including social care and physiotherapy, or any medication, then this could create additional costs that could impact your financial situation. Therefore, you may be entitled to some financial support.

What could you be entitled to?

If you are diagnosed with an illness, there are few things to consider to ensure you receive any benefits you are entitled to for additional financial support.

Statutory sick pay

If you are employed when you are diagnosed and require time off for your illness, injury, or disability, then your employer may be legally bound to pay you Statutory Sick Pay (SSP). For all the information you need on checking your eligibility and what to do if your employer refuses to pay, check out Citizens Advice.

Claiming benefits

You could also be entitled to state benefits or other charitable grants depending on your circumstance. You can find out everything you need to know via the government website, where they have a handy benefits calculator to help you work out what you could claim to aid you financially.

Contact your GP

It is highly likely that your GP will already be aware of your diagnosis, but it can be worth contacting them about your illness or disability and asking them to refer you to a specialist. This can ensure you receive everything you are entitled to, for example, travel concessions.

Illness and your thinkmoney account

If you have fallen ill and have a thinkmoney account, it’s important to keep your bills account up to date, especially if you have additional bills to cover the costs for care, etc. to ensure they remain paid on time.

However, if you are struggling with your finances, and are worried about your account, please call our specialist team on 0161 779 5000. We will do what we can to support you and inform you of the options available to you.

Where can you get extra support?

There are many organisations out there who can offer help and support for those who are suffering from an illness. They can help you come to terms with the changes in your life, offer emotional support, or even financial advice.

Here are just a few of the amazing charities and services available to you:

  • Stroke Association – An online community to support stroke victims.
  • Help for Heroes – Free courses and activities to support veterans and service personnel who have developed an illness or injury.
  • Macmillan Cancer Support – Provides care, information, financial support, and more to those affected by cancer.
  • Alzheimer’s Society – Offer care and support for those suffering from Alzheimer’s and dementia

Need some help?

We’re happy to support you with any issue that might be impacting your finances. Contact our specialist team on 0161 779 5000.

Opening times:

Monday - Thursday: 8:00am - 8:00pm

Friday: 8:00am - 6:30pm

Saturday: 8:00am - 4:30pm

Need some help?

We’re happy to support you with any issue that might be impacting your finances. Contact our specialist team on 0161 779 5000.

Opening times:

Monday - Thursday: 8:00am - 8:00pm

Friday: 8:00am - 6:30pm

Saturday: 8:00am - 4:30pm

How the thinkmoney app can help reduce the strain on your mental health

Queuing in branches and inconvenient opening times aren’t our thing either. The thinkmoney app is here to help you manage your money well, even when life gets in the way. With 24/7 access to your account via the app, you can:

  • Send money in seconds
  • Check your balance on the go
  • Secure Face/Touch recognition
  • Manage Direct Debits
  • Manage standing orders
  • Freeze your card

We use necessary cookies and similar technologies to make our website work, as well as optional cookies to improve your experience through analytics, and also for marketing on this and other sites or platforms. You can read more or update your preferences any time by visiting our cookie policy and privacy policy.