The service allows people to book a call with a financial wellbeing consultant to receive information and support on managing their finances.
The company has also been offering free sessions and seminars to professionals in the workplace via its network of professional partners.
Research by the bank shows, that young professionals were more likely to feel the pinch, with nearly three quarters of that group fearing being unable to cope financially if circumstances changed. This was against the national average of 65 per cent.
Three quarters also said they were concerned they would not be able to handle rising costs this winter and two thirds said they rising cost of living had a direct negative impact on their standard of living.
The report also noted that there was an average increase of £167 in outgoings across this group.
HSBC noted that this cohort was more likely to be renting and had student loan payments, which increased financial pressure and diminished their financial buffer.
However, young professionals were more proactive, with 88 per cent looking to reduce outgoing and nearly half cutting down on socialising to save costs.
Young professionals also were twice as likely to have a second income and were more likely to have changed jobs to fund better pay
They were also more likely to use budgeting tools to help them manage their money.
‘Younger professionals face considerable pressures’
Steve Reay, head of financial wellbeing at HSBC UK, said: “There is no doubt that people at all levels of their career are being impacted by rising costs. We are seeing younger professionals face considerable pressures – they often have the additional financial burden of saving up for their first house deposit while also paying rent or may be in the early stages of starting a family.
“It is encouraging to see that that demographic is responding to those pressures by being on the front foot when it comes to taking charge of their money. They are more likely to be using budgeting tips and tools, making use of switching offers, taking steps to reduce spend and looking at ways to boost their income.”
He added that anyone could sign up for a session with financial wellbeing consultant, adding that it could be helpful to get an “outside perspective” on financial matters.
Reay said that consultants could help support people with longer-term financial goals such as retirement or saving for a mortgage. He recommended doing a financial fitness test first to get signposted to appropriate support.
