Less that third of Brits contact bank customer service

Only 4% would turn to their bank first if they were struggling with bills

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Less that third of Brits contact bank customer service. Source: pexels.com

According to Lloyds Bank, 7 in 10 people would risk missing out on useful support if facing financial difficulty. That’s mainly due to a lack of understanding of the help available, or misconceptions about what contacting their bank will do to their financial record.

In fact, fewer than a third (29%) of Brits would contact their bank straight away if they were struggling. A similar number (31%) incorrectly think banks can only offer help with money matters after payments are missed.

Meanwhile, almost two fifths (38%) believe they are better dealing with their finances themselves as their bank will not be able to help them.

Worries about damaging credit scores would also prevent some people from seeking help, with more than 1 in 10 (35%) wrongly thinking support from their bank would automatically have an adverse impact.

When you’re struggling it can be particularly hard to reach out for help and our research shows that many people could be missing out on valuable, practical support from their bank as a results
Jo Harris, Managing Director, Lloyds Bank

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