Nationwide Building Society will launch a new dedicated freephone hotline next month to help members struggling with the cost of living. The Society is encouraging its members to get in touch as early as possible for support and aims to answer hotline calls inside ten minutes.
The Society is investing in a range of services to help its 16 million members – including giving colleagues bespoke training, offering financial health checks and providing education and support through trusted experts. Assistance will be available in branch, on the new freephone helpline or video direct to members’ devices.
The helpline is the latest intervention from the Society and follows its Promise to not leave any town or city where it is based without a branch until at least 2024. Further initiatives will be launched in the coming months.
Debbie Crosbie, Chief Executive of Nationwide Building Society, said: “We know the challenges that many of our members face from the cost-of-living crisis. We’re here to help and will make it as easy as possible for people to get the right support when they’re worried about their finances. That’s why we provide expert help from our branches, and now through the new hotline, as well as by video. We can do all of this because we are a mutual and our singular focus is our members, and we use all profit for their benefit.”
Nationwide is committed to a range of services, including:
- Dedicated hotline: From August, a freephone cost-of-living hotline for members experiencing money worries will be answered by dedicated, trained experts based across the Society’s main branches. The service will be available from 9am-4.30pm weekdays and 9am-12pm Saturdays. Nationwide aims to answer calls to the hotline within ten minutes.
- Checking in on struggling members: From August, Nationwide’s in-branch experts will contact members demonstrating obvious signs that they may be struggling. The calls will aim is to better understand their situation and where relevant, support will be offered to help get them into a better position. This expands on the existing work done through the Society’s centralised ‘Money Worries’ team.
- Cost-of-living training: From September, all frontline colleagues will receive the necessary training to provide additional cost-of-living help for members, whether in branch or on the telephone. Members will be directed to the the right resources, including the Society’s Cost-of-living hub, product support and help with money management via Nationwide experts and trusted third parties, such as StepChange - the UK’s leading debt charity.
- Financial health checks: From October, Nationwide’s cost-of-living experts will be able to offer face-to-face, telephone and video appointments. As well as directing members to relevant support, they will offer financial health checks, helping them manage their money, save and build resilience.
- Cost-of-living education: From the autumn, regular virtual and in-branch events will be held for members, providing practical help with managing money and avoiding financial pitfalls.
For those in financial hardship, Nationwide provides a range of tailored options to help members get back on track – regardless of whether they are struggling with their mortgage, unsecured lending or overdrafts. This ensures members receive the appropriate level and type of support to help them return to financial health. This could be either short-term respite or longer-term support. The Society has a range of third-party partnerships to provide support to members experiencing financial hardship, giving them access to bespoke and specialist services. These include organisations such as StepChange, PayPlan, Christians Against Poverty, IncomeMax and SigmaConnected (ReachOut).
In the last year Nationwide provided over £7.5 million to support members and wider society experiencing financial difficulties through charitable partnerships. This includes those struggling with debt, vulnerable members as well as through grants to community groups across the UK.
- Ends -
