Financial vulnerability:
11 May 2022 | 7 min read | Share this
Building on our Financial Vulnerability campaign, we have heard from industry leaders across energy, water, customer focused charities and providers, that together represent 80% of UK Households’ utilities providers.
In this article, we share an overview of the perceived challenges, solutions and key success factors highlighted by our clients and industry partners around the topic of financial vulnerability. Quotes taken from the round table discussion are not attributed to any specific individual or organisation, as agreed by participants.
Our hope is that themes shared here influence the ongoing conversation on this pressing topic throughout 2022 and beyond.
The UK is facing the worst economic situation in our lifetimes. The average family faces at least a £2000 hike in annual bills, with Baringa analysis suggesting a 1.75% interest rate increase could reduce disposable incomes by 8% for the poorest in society. We discussed that financial vulnerability is now a very real feature of customer’s lives; borrowings are “jumping back up”, indicating that the COVID-19 savings piggy bank is emptying, and the number of pay day loans being taken to cover energy bills is increasing. Businesses must be aware of the risks:
Our round table was focused on the theme of how businesses can be part of the solution to financial vulnerability, exploring the challenges, solutions, and wider factors that will enable success.
The financial vulnerability round table demonstrated a level of cross-company and cross-sector collaboration that will be one of the key ingredients to success as we look ahead to a challenging 2022:
How are you supporting your customers through the cost-of-living crisis? Contact one of our experts to join the ongoing cross-sector discussion and work together to be part of the solution.
Sam Barton Expert in utilities billing and collection Email me
James Cooper Partner, energy, utilities and resources Email me
Vanessa Clark Partner, customer experiences and digital Email me
We’re shining a spotlight on the profile of customers, businesses and sectors who have been most affected by vulnerability. We’re engaging with senior leaders to understand what actions can be taken to support customers and businesses proactively.
This is a challenge we really care about. We’re excited about developing the thinking across multiple markets and exploring what proactive actions can be taken to provide customers with the support they really need.
Explore more of our thinking on financial vulnerability