Rising cost of living
The rising cost of living is affecting all of us in some way. We understand that many customers and clients are experiencing a range of challenges. We are here to help those customers and businesses through this challenging time – in whatever way we can.
We also recognise that we have a responsibility to support the communities we operate in and we have partnered with specialist organisations to help provide support where it’s needed most.
The cost of living situation is very different from the pandemic, which hit everyone all at once in a similar way. We have to tailor things much more to individual circumstances.
CEO, Barclays UK
Personal customer support
All our customers will feel the impact of the cost of living crisis. We have put together guides, tips and real-life stories that can help our customers stay on top of their everyday spending, cut back where they can, and take greater control of personal finances.
If any of our customers have had a sudden fall in income or are having problems paying your bills, we may be able to help. It’s vital they get in touch and tell us what’s happening so we can look at what support we can offer.
The cost of living crisis will sadly mean more people experience severe money troubles and this can often go hand-in-hand with mental health issues. We have published guidance on how to spot the first signs of a problem and who to contact for more help.
Business customer support
Our business customers have experienced unprecedented challenges over the last two years and the cost of living crisis will continue to add to those challenges. To support them on their journey from recovery to growth, we have launched Barclays Business Health Pledge.
This is a pledge outlining Barclays’ commitment to our business customers and local business communities and includes a package of support including:
- National SME Masterclass Series to support your recovery
- A commitment to have 20,000 conversations with customers a month to support you with business resilience and growth
- A Business Health Hub with resources to help you grow your business
- Tripling the size of our teams that support you if you find your business in financial difficulty
- Additional funding for our charitable partners
We also have a range of online resources and insights that can help businesses navigate these difficult times.
The Trussell Trust
Since April this year, with Barclays support, financial inclusion initiatives have unlocked more than £14 million in income for people facing hardship, as well as writing off over £2.5 million worth of debt. Looking ahead, 43 per cent of food banks in the Trussell Trust network offer financial inclusion services, with the partnership committed to increasing this to 75 per cent of their network to deliver this support by March 2025.
Barclays partnership since 2021 has enabled 2,800 financial grants to vulnerable families facing extreme hardship and 18 new food clubs across the UK to open that provide weekly food packages. Family Action are also delivering Barclays LifeSkills sessions, on employability and financial education, to hundreds of individuals on low incomes.
Barclays LifeSkills is helping people of all ages across the UK to develop their core employability skills and contacts they need to get into and stay in work, as well as improving their financial education.
Launched in 2013 it has led the way as the UK’s largest employability programme. More than 16 million people have participated with the vast majority of participants feeling more positive about their future and more motivated to succeed and better understand the skills needed for the workplace.
We work also with a number of charities to provide more intensive support to some of the more underserved and under-represented groups in the UK, such as young adults who are or at risk of being NEET, in care or ably disadvantaged, those who lack experience, suffer mental-ill health, have caring responsibilities, fewer educational qualifications, in work poverty, returning to work after ill health or an aging workforce.