Barclays announces £4m additional investment in StepChange

Barclays has announced an additional investment of almost £4 million in debt charity, StepChange.

The announcement builds on its longstanding partnership with and regular financial contributions to StepChange, and backs the most significant digital transformation in the charity’s history by helping more people across the UK access free, impartial debt advice sooner.

With nearly one in four adults lacking confidence in their ability to manage their money, the investment forms part of Barclays’ wider ambition to improve financial confidence across the UK. Tackling debt is a key part of this ambition, with a recent Barclays study showing that paying off a major debt boosted confidence for 70 per cent of people.

Demand for debt advice has never been greater. StepChange’s latest research shows that 51 per cent of UK adults have experienced problem debt, yet 44% of those affected tell no one, often due to stigma or fear of judgement.

In many cases, debt is not driven by a single life event, but by the reality that working households can no longer afford everyday rising costs such as energy, housing and council tax. And as six in 10 UK adults (59 per cent) say they’re concerned about the potential impact the Middle Eastern conflict will have on their household finances, this investment feels more pertinent than ever.

Barclays’ investment will help StepChange evolve towards a digital-first, data-led model, designed not only to respond to crisis, but to reach people sooner and support better long-term outcomes.

Neil Gallimore, Head of Strategy, Financial Assistance and Recoveries for Barclays UK, said: “At Barclays, we are there for our customers at every turning point in their lives, from important milestones to financial challenges. By strengthening our longstanding partnership with StepChange and supporting its digital transformation, we’re helping more people get trusted, impartial debt advice earlier, when it can make the biggest difference. This partnership also aligns closely with our goal of helping people feel more confident managing their money, which we’re achieving not just by giving people the tools to manage their money day to day, but by ensuring expert support is there when life becomes harder.”

Vikki Brownridge, Chief Executive of StepChange, said: “Elevating our partnership with Barclays comes at a pivotal time as UK households face ongoing uncertainty with their finances and demand for debt advice grows. We know that early and effective access to free debt advice can make a huge difference, and this commitment from Barclays will be invaluable to fostering long-term good outcomes for people struggling with debt. Our digital transformation is all about creating a journey for clients that is flexible, adaptable and outcomes led, which this focused investment will help to achieve.”