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Cost of living support

Supporting customers through the cost of living crisis.

The high cost of living continues to put pressure on the UK’s finances. While everyone is affected in different ways, we’re here to help and are supporting our customers at every turn. 

If a customer finds themselves in challenging financial circumstances, the most important first step is for them to talk to us so that we can make a plan together.

How we’re helping our customers with the rising cost of living:

Proactively contacting customers:

We regularly communicate with our customers and are proactively contacting them to offer our support and find tailored solutions to match their personal circumstances. This could be alternative mortgage and savings options, debt consolidation or payment holidays. 

Money management tools:

We’ve made a range of money management tools available to our customers online and in our mobile banking apps, including subscription checkers, spending insights and savings tools so that our customers have a clear view of where their money is going and can establish good financial habits. 

Mortgage Charter:

We are committed to the measures of the Government’s Mortgage Charter and have a well-established process for supporting customers who are concerned about their finances or in financial difficulty.

Credit score access:

We give customers access to their credit score, information about factors which may impact their score and hints and tips to improve it over time through Your Credit Score, a free service we provide in partnership with TransUnion. It had 3.2 million new customers last year, and 8.8 million customers registered for the service.

Savings options:

We’ve been in touch with more than 15 million customers in the last year to inform them of their options for savings. This includes a targeted campaign to around 2.5 million customers whose behaviour suggests they would benefit from changing their savings product to receive better rates. 

 

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.

Jasjyot Singh, OBE | 20 Oct 2022

Read Jas's article

7.5m
We’ve proactively contacted more than 7.5 million customers most in need of support since 2022 to let them know we’re here to help.

200k
We contact more than 200,000 mortgage customers on variable rates each year to tell them how much they could save by transferring to a lower fixed rate.

8m
More than 8.8 million customers have registered for Your Credit Score to help them understand their credit score and improve it. 

500k+
Every month more than half a million customers use spending insights on our mobile banking apps to see where they might cut back,  or invest, in their budgets. 

1.1k
We continue to provide support to our business customers via 1,100 business specialists in communities nationwide to help clients develop appropriate recovery and growth plans.

600k
More than 600,000 business customers have been contacted with guidance on the cost of living and how to build financial resilience.

If times get tough…

Video | 2 mins 26 secs

The high cost of living means that some people are being forced to make tough choices. Our specially trained teams are on hand to talk to customers in difficult situations and work through solutions together.

Watch video

Additional support

Video | 1 min 24 secs

We can’t be the experts in everything - so we work with the people who are. We’ve partnered with specialist charities such as StepChange, Mental Health UK and Turn2Us to provide additional support to our customers and clients, how and when they need it. 

Watch video

What impact is the cost of living having?

Our experts have unique insights into the impact that the rising cost of living is having on customers and across the sector.

Do renters need to save more for retirement than homeowners?

4 July 2023 | Pete Glancy

30% of people are now expected to rent in retirement – but in some areas, rents will cost 130% of people's retirement income.

Read Pete's article

How we're supporting our customers with the increase in mortgage rates

Andrew Asaam | 29 June 2023

We look at what’s causing the mortgage rate increases – and how we’re supporting our mortgage customers with rising costs.

Read Andrew's article

Let’s end homelessness with homes

20 April 2023 | Charlie Nunn and Matt Downie

We've joined forces with Crisis and Simon Community, calling for one million more social homes to be built.

Read the article opens in same tab
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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.

Read Robert's article

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

20 Oct 2022 | Jasjyot Singh, OBE 

From developing tools to give app users more spending control, to overdraft support for those struggling with their finances,  we’re supporting customers through the rising cost of living.

Read Jas's article opens in same tab

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