Online debt advice is preferred method of support

Research by STAMMA and Money Wellness has found that online debt advice has emerged as the preferred method for those with vulnerabilities, accessibility issues, and addictions, particularly among those under 55.

The study found that 53% of people under 55 would prefer to seek debt advice online. This is especially true for Gen Zs (18-24-year-olds), with less than one in five (18%)saying they would prefer to use the phone with 20% of young people (18-24-year-olds) see talking on the phone as a barrier to getting advice.

The research also revealed that 69% of people would put off seeking debt advice. Some of the most common barriers include: Embarrassment (48% of women under 55 and 44% of workers), Fear of being judged (44% of women under 55),Lack of time (24% of 25-34-year-olds, rising to 29% for females in this age group).

When it comes to disclosing personal information about accessibility issues, addiction, or vulnerabilities, there is a clear divide between online and talking on the phone. Less than half (48%) of people would feel comfortable sharing this information over the phone. In contrast, almost two-thirds (64%) of under 55s are comfortable disclosing such personal information online.

Over 55s are more hesitant, with 51% saying they are not comfortable sharing this information online, compared to just 28% in the younger age groups. People who are disfluent for any reason, like people who stammer, have Parkinsons’, or have had a stroke, for example, can face a real barrier if they’re not given time to speak when using the phone.

Kirsten Howells, Services Director at STAMMA said “We were absolutely delighted to work with Money Wellness, who provide such a vital service. It’s been a real pleasure working an organisation that takes the issue of stammering seriously, and we were delighted that the changes they made in procedures for callers who stammer have proved so successful.”

Sebrina McCullough, Director of External Relations at Money Wellness said: “With more people struggling with the rising cost of living, the need for free debt support has never been greater. We’re helping around 1,000 people every day, with around 66% disclosing some form of vulnerability.

“The findings of this research highlight the crucial role that online debt advice plays in supporting people who are less comfortable sharing personal information. It’s vital that the debt sector provides choice when it comes to support be it face-to-face, over the phone or online, so people aren’t put off seeking support.

“Working with STAMMA has helped us identify areas where we can provide more structured help to those who are disfluent. We have been able to better train our advisers so they understand how to better support while also offering online advice for those who prefer not to speak.”