Helping Britain Prosper by supporting financial wellbeing and resilience

The coronavirus pandemic has exacerbated the financial challenges that many people face, and brought new vulnerabilities to many more. We know that for many, these challenges are just beginning and we’re here to help those who experience financial difficulties, to help them get back to a better financial footing. 

Life can throw challenges in our way and anyone can be at risk of becoming financially vulnerable. Hear from our Customer Financial Assistance team about how they’re helping customers get back to financial health as quickly as possible.

Anyone can become vulnerable

According to the FCA, before the pandemic, around 24 million people in the UK displayed one or more signs of vulnerability. Often the causes are beyond our control and might not be obvious, but they can have implications for our finances. The FCA has identified four key drivers which may increase the risk of vulnerability. They are:

  • Health – disabilities or illnesses that affect the ability to carry out day-to-day tasks
  • Life events – major life events such as bereavement, job loss or relationship breakdown
  • Resilience – low ability to withstand financial or emotional shocks
  • Capability – low knowledge of financial matters or low confidence in managing money (financial capability) and low capability in other relevant areas such as literacy or digital skills

Collaboration is key

As well as offering practical customer support measures, we’re working together with a number of organisations, such as Mental Health UK, Surviving Economic Abuse, and independent debt charities. Together, we are working to support the financial wellbeing of our customers, to help them to plan for the future and to increase their financial resilience.

Through our brands, we signpost our customers to a number of organisations who can offer free and independent debt advice including:

  • Payplan: a free, confidential advice service is available to anyone worried about money, and can help reduce the amount people pay towards your debts each month
  • StepChange Debt Charity: the UK’s leading debt advice charity. They help over 635,000 people each year deal with their money worries with free, impartial and non-judgmental advice
  • Turn2us: helps people in financial need gain access to welfare benefits, charitable grants and other financial help – online, by phone and face to face through our partner organisations
  • The Money Advice Service: Set up by the UK government, MAS offers free and impartial money advice

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