Barclays has announced an investment of nearly £4 million in debt help charity StepChange, marking a significant boost to the organisation's digital transformation efforts. The bank stated that this commitment builds upon its longstanding partnership and regular financial contributions to the charity, with the goal of enabling more people across the UK to access free debt support at an earlier stage.
Background of the Partnership
Barclays was a founding partner of StepChange when the charity was launched, and this latest investment underscores the bank's continued dedication to tackling problem debt. According to StepChange's research, 51% of UK adults have experienced problem debt, yet 44% of those affected do not seek help from anyone.
Statements from Barclays
Neil Gallimore, head of strategy, financial assistance and recoveries for Barclays UK, commented: "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."
StepChange's Perspective
Vikki Brownridge, chief executive of StepChange, expressed her gratitude: "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."
The investment is expected to accelerate StepChange's digital transformation, allowing the charity to reach more individuals in need of debt advice through innovative digital channels. This move is particularly timely given the current economic pressures facing many UK households.
