This partnership builds on Chase’s existing vulnerable customer support and aims to help customers in difficult financial situations by providing them easy access to free, expert debt advice and recommended debt solutions.

As of today, Chase specialists will direct vulnerable customers to the charity’s online debt advice tool, the tool is free and will help customers put together a manageable budget to help ensure they can afford important essentials like food and their home - all information submitted to the tool is confidential. The tool will help customers understand what options are available to them to help with their debts and deal with their money worries. Help is available via webchat or telephone, and the customer can choose the communication channel they prefer.

The recent FCA Financial Lives survey found that the number of people with low financial resilience had climbed to just under 13 million as the cost of living increased*. Low financial resilience is defined as if adults “are in financial difficulty because they have missed paying domestic bills or credit commitments in three or more of the previous six months”*. As the cost of living continues to put pressure on households, this partnership will provide an easy to access and confidential service for Chase customers who may be experiencing financial stress and need to talk to someone impartial.

Alexa Collinson, Managing Director for Customer Operations at Chase, commented, “By partnering with StepChange, we can build on our existing support for vulnerable customers by providing access to debt experts so customers can discuss their finances. Financial stress can take a toll on a person’s mental wellbeing and be a constant source of worry. Finding free, impartial and trusted advice is often the first step to putting an action plan in place.

“As the cost of living continues to squeeze budgets across the country, it’s never been more important for us to give customers all the support they need when managing with their finances.”

Gail Arkle, Director of Client Experience at StepChange, added, “We are delighted to be partnering with Chase and working together to support their customers. 92% of the people we support say that they wish they’d asked for help earlier, and so working closely with leading organisations like Chase is crucial to ensure we can identify and support customers who are experiencing financial difficulty as early as possible.”