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HSBC and Shelter team up in multi-year deal to support financial health

  • 24/04/2023
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HSBC and Shelter team up in multi-year deal to support financial health
HSBC and Shelter have struck a multi-year partnership to support the financial health of people and communities impacted by the cost of living crisis, and to break the cycle of homelessness.

The partnership includes boosting Shelter’s emergency helpline and webchat support, which will allow its helpline advisers to provide housing advice to around 40,000 more people at risk of losing their homes.

It will also help Shelter’s helpline advisers signpost further support from financial services.

Additionally, the partnership will help to identify people before they become homeless as well as help them understand their rights and support available to prevent homelessness.

Shelter will work with people with lived experience and develop digital guidance and tools to improve financial resilience.

In collaboration with HSBC UK’s financial wellbeing team, Shelter will train over 1,250 volunteers from financial services industry to deliver resilience training and signpost people to housing advice.

The companies said this would build financial resilience in local communities and reach people in community spaces like food banks and debt advice centres.

The partnership will also expand outreach and support to marginalised groups.

There are currently pilot projects in Birmingham and Blackburn to target intervention in communities, reaching over 3,000 people at higher risk of homelessness.


Building on ‘no fixed address service’

The partnership builds on the work HSBC does with its no fixed address service, which helps around 4,600 people without a fixed address to open a bank account and rebuild their lives after being homeless.

Ian Stuart (pictured), HSBC UK’s CEO, said: “Our no fixed address service has been an important tool in breaking the vicious circle of homelessness, helping people access the financial services they need. But we know that if we’re to make an even bigger impact people need access to support before they get into severe issues with paying their rent or mortgage.

“Early intervention is critical; the faster we can be alerted to an issue, the more can be done to help. Among our own customers we’ve seen this approach work, with 20 per cent uplift in customers bringing their accounts back up to date in key areas such as mortgages when we work with them early enough.”

He added: “I’m really proud to launch this key partnership between HSBC UK and Shelter. Together, we will help more people access guidance and meaningful support – building greater resilience for some of the UK’s most vulnerable people, and better financial health for the UK.”


Breaking the cycle

Polly Neate, chief executive of Shelter said: “Access to a safe and secure home means everything. It’s as vital as education or healthcare. But right now, a lack of genuinely affordable social homes, rapidly rising rents and ballooning bills is leaving hundreds of thousands of people at risk of homelessness.

“Every day, our frontline services hear from people who are really struggling and don’t know how they’re going to pay their rent or put food on their table.”

She continued: “Together with HSBC UK, we’ve already helped thousands of individuals experiencing homelessness to access a bank account and rebuild their lives through our Breaking the Cycle programme.

“But our ambition is to do more to stop people from becoming homeless in the first place. That’s why we’re thrilled to be deepening our partnership with HSBC UK so that we can reach more people at risk of losing their homes, and work with communities before they reach crisis point.”

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