Ukraine: LBC caller on cost living crisis and war games
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The building society is sounding the alarm that one in eight families are “burying their heads in the sand” when it comes to the impact of soaring inflation rate and energy bills. To help those concerned about their finances, Nationwide has launched a new service to offer support to households in need. The financial institution’s cost of living helpline will give customers financial checks to make sure they are coping with the bill hikes.
A recent survey carried out by Nationwide found that 83 percent of Britons are worried about their finances.
Some six percent of those polled said they are already experiencing financial difficulty.
More than seven in ten people share that they have already cut back on certain expenses and luxuries to budget better.
Around half of those surveyed said they are concerned about contacting their bank or building society for support and guidance.
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In response to this anxiety, Nationwide is offering a helpline which will offer appointments to customers in October, either over the phone, in branch or on video, to provide financial checks.
This will be done ahead of next month’s pending energy price cap rise which will see bills rise further.
Jasper Davy, the director of Support at Nationwide, outlined why the building society is opting to help customers at this time.
Mr Davy explained: “While asking for help can seem daunting, doing so early usually results in better longer-term outcomes and can help reduce the stress of financial worries on a household.
“We would encourage anyone worried about the rising cost of living to contact their bank or building society who will be able to help.
“Our cost-of-living hotline is a safe place where members can talk to us about their problems so we can find the best way of helping them.
“Already we have helped people with a range of issues and we expect this to increase as we head into the autumn as costs rise further.”
Customers can contact Nationwide’s freephone cost of living hotline on 0800 030 40 66.
The service is available from 9am to 4.30pm weekdays and 9am to 12pm Saturdays as of last month.
Why will households be £249 poorer?
The UK’s escalating cost of living crisis is being exacerbated with the growing issues of inflation and energy bills.
As it stands, the price cap will hit £3,549, based on typical use, from October. On top of this, Cornwall Insights estimates it could reach £5,386 in the New Year, and £6,163 by April.
Later today, Prime Minister Liz Truss is set to outline new measures to mitigate the coming disaster for households in October, which is rumoured to include a price cap freeze.
On top of this, inflation in the UK currently stands at 10.1 percent which is causing the prices of goods and services to go up.
Some analysts believe the inflation rate could exceed 18 percent sometime next year as the cost of living crisis worsens.
As of yesterday, the British pound fell to its lowest level against the US dollar since 1985, indicating the dire situation facing the UK economy.
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