Commonwealth Bank has today launched a new help guide for those customers dealing with a serious illness or injury. The guide, titled ‘Dealing with a Diagnosis: help with managing your finances through serious illness’ fills a known gap in the bank’s existing resources and seeks to provide customers with important information about the best ways to manage their finances and alert them to the various resources available.

Development of the guide began back in December 2020, with Commonwealth Bank collaborating with a variety of community and academic experts, including the Cancer Council Victoria, Scope Australia and Uniting.

The guide is divided into four parts: Making plans for your future while you are in good health; making plans for your finances if you are diagnosed with a serious health condition; support for carers; and organisations that offer support. 

Speaking about the guide, Commonwealth Bank’s General Manager Community and Customer Vulnerability, Justin Tsuei, said it was important for customers to have access to the right information and resources at times of serious illness or injury.

“The reality is a serious illness or injury is not something most people expect or plan for. Unfortunately however, you can find yourself in a situation where your finances and wellbeing are being affected due to your diagnosis,” he said.

“Making plans early and having access to the right financial support can potentially help to minimise the financial impacts on you and your loved ones.”

In addition to providing information on the different support measures available, the guide also provides readers with real life examples of the challenges Australians suffering from a serious illness and/or injury have faced.

As a contributor to the Guide, Cancer Council said that getting sick with cancer or other serious illnesses is a costly exercise, it does not just affect people physically and emotionally, for many it can be financially challenging.

Getting the right support and information to minimise financial stress relevant to each stage of a person’s illness can be tremendously helpful and life changing for some.

“We have been pleased to support the development of this important guide that fills a gap in the banking sector. We encourage anyone who is struggling with the day to day expenses of living with serious illness to not shoulder the burden alone but to reach out to supports available,” a spokesperson for the Cancer Council said.

For accessibility purposes, the guide is available in alternative formats. Customers can obtain a hard copy of the guide from their local branch or access a digital version via the CommBank website.

In addition, the bank has created an ‘Easy English’ version of the guide for those customers who have limited English skills or a cognitive impairment.

The full guide can be found here.

Things you should know:

The information in this guide is general information and has been prepared without considering any one person’s objectives, financial situation or needs. For that reason, before acting on the information, you should consider its appropriateness to your circumstances and, if appropriate, seek professional assistance.

The terms and conditions for any of the products and services offered by the Commonwealth Bank Group are available on our website and should be considered before making any decisions about those products and services.

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