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

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7 in 10 

consumers are concerned about home energy prices

17%

of consumers are currently concerned over unemployment

6 in 10 

consumers are concerned about inflation


  

 

 

How are we helping customers navigate the rising cost of living?

20 Oct 2022 | Jasjyot Singh, OBE 

Financial wellbeing

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.

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Turn2Us partnership


We can’t be the experts in everything – so we work with the people who are. 

Working with Turn2Us

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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?

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Is the gender pension gap hitting single mothers hardest?

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.

Jackie Leiper | 7 Dec 2022

Read Jackie's article
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Why it’s vital savers track their missing pension pots during the cost of living crisis

Today nearly half (46%) of UK pension holders have lost track of some of their pension pots, according to new research from Scottish Widows.

Robert Cochran | 15 Nov 2022

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How well prepared are different communities for retirement?

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.

Pete Glancy | 25 Oct 2022

Read Pete's article

How is the cost of living increase impacting on the nation's pension contributions?

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.

Pete Glancy | 29 Jun 2022

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How is the rising cost of living affecting the housing market?

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

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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

Read Charlie's article

First time buyers deserve an attainable dream

Lloyds Banking Group Mortgage Director, Andrew Asaam, reflects on why the industry must find new ways to help people take their first steps on the property ladder, plus what the Group is doing to help.

Andrew Asaam | 21 Jul 2022

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How can shared ownership homes give first time buyers better access to the housing market?

Rising house prices means that prospective buyers are struggling to get a mortgage big enough to buy a house, which is why we think Shared Ownership can play an important role in helping first-time buyers onto the property ladder.

Andy Mason | 26 May 2022

Read Andy's article