Online debt advice: a lifeline for the vulnerable during cost-of-living crisis

As the cost of living continues to rise, so does the number of people in need of debt help. A YouGov survey we commissioned with the charity STAMMA has revealed having access to debt advice online is a lifeline for many people, particularly those who may be reluctant to speak to someone over the phone due to verbal communication difficulties, such as a stammer. The research also revealed people tend to feel more comfortable sharing sensitive information, including problems with addiction, online.

Under 55s prefer online debt advice

Over half (53%) of people under 55 would prefer to seek debt advice online. Gen Zers (18-24-year-olds) are particularly reluctant to pick up the phone to get help, with less than one in five (18%) saying they would choose this option.

In fact, one in five people (20%) in this group would view being forced to talk on the phone as a barrier to getting advice.

Barriers to debt advice

The research also revealed that 69% of people would be reluctant to get debt help if they needed it. 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 all 25-34 year olds and 29% of females in this age group)

Sharing sensitive information

When it comes to disclosing sensitive information about accessibility issues, addiction or vulnerabilities, there is also a preference for doing so online, although again this varies with age.

Less than half (48%) of people would feel comfortable sharing this type of information over the phone.

In contrast, almost two-thirds (64%) of under 55s would be happy to share this information online.

Over 55s are more hesitant, with over half (51%) admitting they wouldn’t be comfortable disclosing this information online, with only 28% in younger age groups sharing this concern.

Your help, your way

Here at Money Wellness, we’re really keen for people to be able to access help in a way that suits them. With that in mind, we’ve been working with STAMMA to improve our phone procedures and make sure anyone who wants to access our phone advice is given the support they need to do so.

STAMMA explained to us that people who are disfluent for any reason, like people who stammer, have Parkinson’s or have had a stroke, can really struggle 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.”

And Sebrina McCullough, our director of external relations, highlighted the importance of customers having choice when it comes to accessing debt advice. She 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.”