StepChange News and Views

Welcome to the latest edition of StepChange News and Views.

In this month’s newsletter:

The latest news from StepChange

·?????? Counting down to our annual partner event: StepChange Connected

·?????? StepChange calls for targeted support for struggling households

·?????? Colleagues coming together to celebrate inclusivity

Our latest research and insight

·?????? Protecting vulnerable consumers – The need for BNPL regulation

·?????? 1 in 4 at risk of financial difficulty despite interest rate cuts

·?????? Council tax arrears continue to rise – Our latest client data

·?????? The King’s speech: What it means for people in problem debt

The latest news from StepChange

Counting down to our annual partner event: StepChange Connected

We’re looking forward to welcoming our partners and colleagues to our annual partner event, StepChange Connected, in just under 3 weeks' time.

We recently shared the full agenda for the day, with a host of fantastic sessions and speakers, including:

• Nikhil Rathi, Chief Executive of the Financial Conduct Authority

• Abby Thomas, Chief Executive and Chief Ombudsman, Financial Ombudsman Service

• Representatives from the UK’s major regulators will discuss the cost-of-living crisis and what may come next

• Academics and experts discussing the unique needs of Gen Z and how to support them with their finances

You can view the full agenda here: StepChange Connected 2024 Agenda

StepChange calls for targeted support for struggling households

Energy costs remain a major concern for our clients, with our data showing that energy arrears rose by 29% from?mid-2023 to mid-2024. The latest price cap rise announced this month by Ofgem will add to the growing financial concerns of millions. We urgently call on the government to implement support measures to protect already vulnerable households. Find out more

Colleagues coming together to celebrate inclusivity

We were delighted to support Leeds Pride last month, where our colleagues came together to celebrate inclusivity and showcase the diversity within our workforce. Thank you to all of our colleagues participating not only in the Pride event but Pride celebrations throughout the week.

Our latest research and insight

Protecting vulnerable consumers – The need for BNPL regulation

With almost half of the population having used or using Buy Now Pay Later, we’re calling on the new government to prioritise the regulation of BNPL in line with other credit products, such as credit cards and loans. Many vulnerable households are now turning to BNPL to survive, with 1 in 4 users claiming Universal Credit. Vikki Brownridge, Chief Executive Officer at StepChange, shares her thoughts in this piece for Big Issue here.

1 in 4 at risk of financial difficulty despite interest rate cuts

Richard Lane, Chief Client Officer at StepChange,?responds to the Bank of England’s interest rate cut, citing our recent research which shows that 4 million people are facing problem debt in the UK, and over a quarter of the population remain in financial difficulty. Read the full response here.

Council tax arrears continue to rise – Our latest client data

Despite inflation falling in recent months, our latest quarterly client data for Scotland shows an increase in both the?volume of clients with council tax arrears (+3% vs Q2 2023) and council tax arrears balances (+11%). These figures also show a 6% increase in debt advice clients who receive Universal Credit. Sharon Bell, Head of StepChange Scotland, responds here.

The King’s speech: What it means for people in problem debt

We’re encouraged to see the government improving protections for private renters, who are overrepresented among our clients, and we welcome a commitment to improving living standards and employment rights. Read our full response here.

If you have any questions or would like to discuss working with StepChange, please get in touch with our team at [email protected]