Cost of living
Supporting customers through the cost of living crisis.
The rising cost of living is putting real pressure on the UK’s finances. Many of our customers are feeling uncertain about money, with some being forced to make tough decisions. High inflation driven by increasing energy bills and food prices, coupled with slow wage growth, is leaving people feeling the pinch.
While everyone will be affected in different ways, our customers are taking an active role in managing their money using our latest banking tools, and we’re also proactively contacting customers to offer support. For customers who might need a little more help, we’re on hand to talk and work through solutions together.
Some of the ways that we’re supporting customers through the cost of living crisis are:
- Finding tailored solutions to fit peoples personal circumstances, including debt consolidation, payment holidays and underpayments.
- Launching specialist cost of living hubs in our mobile banking apps.
- Giving access to in-app tools such as subscription checkers and spending insights, so our customers have a clear view of where their money is going.
Meet our Customer Financial Assistance team
Video | 2 mins 26 secs
Find out more about our Customer Financial Assistance team, which supports customers who are facing financial difficulties.
73%
of consumers are extremely or very concerned about home energy prices, which has increased from 63% in January 2022
66%
of consumers are extremely or very concerned about the rising prices of everyday items, which has increased from 50% this time last year
How are we helping customers navigate the rising cost of living?
From developing tools to give app users more control over their spending to overdraft support for those struggling with their finances, these are some of the ways we’re supporting customers through the rising cost of living.
Turn2Us partnership
We can’t be the experts in everything – so we work with the people who are.
Working with Turn2Us
Video | 1 min 24 secs
Through our partnership with charity Turn2Us, customers are offered expert support to build their financial resilience.
Between December 2019 and October 2022
4,440
Lloyds Banking Group customers have been referred to Turn2us.
In total, Lloyds Banking Group customers will have received
£486,079
in additional income.
1,718
customers have completed a grants search.
683
customers have completed a benefits calculation.
How is the rising cost of living affecting retirement savings?
Closing the pension knowledge gap for adults
23 March 2023 | Robert Cochran
There's currently a serious shortfall in financial literacy among adults in the UK. But how do we close the pensions knowledge gap?
Is the gender pension gap hitting single mothers hardest?
7 December 2022 | Jackie Leiper
Scottish Widows’ latest Women and Retirement Report, released last month, revealed that women were being disproportionately impacted by the rising cost of living compared to men – as was the case during the pandemic, which the previous two years’ reports covered.
Why it’s vital savers track their missing pension pots during the cost of living crisis
15 November 2022 | Robert Cochran
Today nearly half (46%) of UK pension holders have lost track of some of their pension pots, according to new research from Scottish Widows.
How well prepared are different communities for retirement?
25 October 2022 | Pete Glancy
This year's Scottish Widows Retirement Report takes a closer look at how different minority ethnic communities are saving for their retirement - and how they've been impacted by the rising cost of living.
How is the cost of living increase impacting on the nation's pension contributions?
29 June 2022 | Pete Glancy
The Scottish Widows retirement report explores how stagnating wages and the rise in interest rates is affecting how people save money and contribute to their pension.
How is the rising cost of living affecting the housing market?
Let’s end homelessness with homes
Lloyds Banking Group has joined forces with Crisis and Simon Community Northern Ireland, calling for one million more social homes to be built by 2033, with a focus on helping people who are most at risk of homelessness.
20 April 2023 | Charlie Nunn and Matt Downie
Five actions we need from the Government to help make UK homes more energy efficient
The UK housing market accounts for 16% of the UK’s carbon output – we need five crucial actions from the Government to help make housing more sustainable.
Andrew Asaam | 28 March 2023
Keeping our homes safe and warm
As the cost of living continues to rise, it's vital that social housing is well maintained to help support people and families across the UK.
David Cleary | 13 Dec 2022
Why does social housing matter?
How Lloyds Banking Group is helping Britain prosper by supporting the UK’s vital social housing sector.
Charlie Nunn | 2 Nov 2022