November 23, 2012 — RBC has made a cumulative donation of more than $1 million to Wellspring, a supportive centre for individuals and families battling cancer since 1993. In honour of RBC's contributions, Wellspring has named the main programming space at their new headquarters facility in Toronto, Ontario after RBC Foundation.
"We are particularly honoured to receive this recognition given the vital role that Wellspring plays in helping those in our communities affected by cancer," said Ms. Fukakusa. "Since 1993, RBC has worked with Wellspring to create a variety of free educational and informational programs, and this new centre will ensure Wellspring is equipped to provide the necessary support for patients and their families who are dealing with the everyday realities of cancer."
Every day you get up and go to work, your mind focused on the task at hand. You assume you'll be healthy enough to complete your day-to-day tasks. But what if one morning, that reality changed? One of the biggest challenges patients diagnosed with a serious illness encounter is the financial challenges that stem from a health crisis. Do you have a plan in place?
No matter what the illness, a diagnosis causes a number of serious challenges, including the potential for a prolonged absence from work. To help navigate through the maze of income replacement programs, resources like the Wellspring 'Money Matters' program, funded by RBC, can help.
"Through the 'Money Matters' program we help diagnosed cancer patients navigate the system and find the financial solutions that work the best for their needs," said Pamela Bowes, Wellspring program manager and developer of the 'Return to Work' Program. "Many patients have recounted how stressful a cancer diagnosis was, and how money worries were even more stressful."
Money Matters is a specialized resource that gives cancer patients the tools they need to identify and apply for government programs, understand long-term disability benefits, deal with legal and tax issues and use their financial resources effectively when dealing with a cancer diagnosis. The program has been so successful, Wellspring has been called upon to educate hospital social workers, community agencies and other professionals.
"Reports have shown that most people lack the skills or knowledge to access the income programs they're entitled to. Applications forms are complex and challenging, and the bureaucracy can be daunting," said Pamela. "We know that we only pay attention to things when it matters to us. Most people we meet at Wellspring didn't think an illness would result in a financial tumble."
If you're thinking about planning for a rainy day, here are five important things to remember:
In 1924, RBC developed our first budget book, the first of many money management tools created to help clients organize their finances. In the years since, RBC has continued to promote financial literacy - an understanding about credit, debt and savings - to clients, prospective clients and the public at large. We offer a number of financial literacy tools including:
The tips provided in this story are courtesy of the Wellspring Money Matters program.