What The Elle - 🩺 Cancer has a pink tax, too

Plus, doom spending, climate optimism, and more.
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MONEY & LIFE

The “financial toxicity” of a cancer diagnosis

Cancer has been in the headlines a lot lately. Last week, only days after 43-year-old actor Olivia Munn shared a moving Instagram post about her recent fight with breast cancer, 42-year-old Catherine, Princess of Wales, also went public with her own cancer diagnosis.

If these women seem too young to be talking about cancer, it’s because they are. But early-onset cancer diagnoses are becoming ‌more and more common — especially for women. According to the American Cancer Society, in the US, a woman's likelihood of being diagnosed before the age of 50 is approximately 1 in 17, while a man’s chance is approximately 1 in 29.

Yes, there’s even a gender gap in cancer rates. But that’s not the only gender disparity. Two new reports found that women pay a “pink tax” when it comes to health care. The first report, by Deloitte, found that women with employer insurance pay $15.4 billion more in out-of-pocket health care costs than men. On average, that’s about $266 more for each woman.

The second report, by the Susan G. Komen organization, found that almost half of breast cancer patients (99% of whom are women) report that financial stress during cancer treatment affects the choices they make about their treatment, medications, and more.

This is what they call “financial toxicity” — or the negative impact that financial stress can have on a patient’s quality of life. At Ellevest, we found through our own research that financial health has a major impact on other aspects of women’s health. Ultimately, financial health is mental health is physical health.

No one is ever prepared for a cancer diagnosis — no matter what age, gender, or socioeconomic background you come from. But you can prepare yourself financially for a medical emergency to not only ease the financial burden for Future You, but to mitigate any stress you have now about the mere possibility of such an emergency.

We’ve got some tips for you on how to do that — click the link to keep reading.

 
Read more
 

Are you “doom spending”?

The pandemic fundamentally changed our relationship to money. So much so that some of us are still spending like it’s March 2020. The Washington Post calls it by many names — doom spending, YOLO splurging, soft saving. The TL;DR? We’re saving less and spending more.

While it may be true that “you only live once,” that one life can last a really long time (and women tend to live longer than men). And you need your money to last just as long. How do you get your spending back on track so Future You can live comfortably? It’s called “intentional spending,” and it can help you build up your emergency fund, too. Of course, we’ve got a guide for that.

Here’s where to start >

 

529 EDUCATION SAVINGS PLAN, ANYONE?

As every parent knows, saving for kids’ education is a task unto itself. Here are the most common ways to do it.

Read more >

THERE’S STILL ROOM FOR CLIMATE OPTIMISM

Lifting women up from an economic standpoint can be a key part of the answer to climate change. Maybe THE answer to climate change.

Read Sallie’s column >

VACATION BUDGET PLANNER WORKSHEET

The best way to take finances off your mind and make room for family, friends, and fun on your next trip? Having a plan.

Download >

💌 Get on the guestlist

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    APRIL 9 @ 6 PM ET: Sign up
  • How to Pay Off Debt: Paying off debt can open up a world of potential for you and your future, start with this webinar. 🗺️
    APRIL 17 @ 12 PM ET: Sign up

“Women may not be as aggressive as men when it comes to investing because they like to hang on to their cash. That costs the average woman hundreds of thousands because they are not investing and getting that compound interest. Those are real numbers.”

‌— Emily Green, Head of Wealth Management at Ellevest, shares what happens when women keep 70 cents of every dollar in cash (versus investing to build wealth).

 

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DISCLOSURES
 
© 2024 Ellevest, Inc. All Rights Reserved.
All opinions and views expressed by Ellevest are current as of the date of this writing, are for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.
Information was obtained from third-party sources, which we believe to be reliable but are not guaranteed for accuracy or completeness.
The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities, and should not be considered specific legal, investment, or tax advice.
The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.
Investing entails risk, including the possible loss of principal, and past performance is not predictive of future results.
Ellevest, Inc. is a SEC registered investment adviser. Ellevest fees and additional information can be found at www.ellevest.com.
 
 
 

Older messages

🗺️ Your guide to a finance mega-trend

Wednesday, March 27, 2024

Plus, “money dysmorphia” and how to choose between a 401(k) and IRA. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

🔔 The women behind $2 billion

Wednesday, March 20, 2024

Plus, why a good financial plan can be an emotional experience. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌ 

📝 Do you know the average age of widowhood?

Thursday, March 7, 2024

Plus, a brief (exciting) history of women investors and what investing $300 a month looks like in 20 years. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌

🔥The Feminization of Wealth

Friday, March 1, 2024

We're sharing our brand-new research on what exactly women will do with a financial windfall. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏

🔊 Let’s Get Loud (Budgeting)

Thursday, February 22, 2024

Plus, 12 ways to talk about money with everyone in your life, and a late-Feb financial wellness reset. ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏ ‌  ͏

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