Nationwide has become the first bank or building society to offer ReachOut, a free service for the society’s members to provide support to members impacted by financial hardship.
The move comes at a time when the rise in the cost-of-living continues to put pressure on household finances across the UK.
ReachOut is a service offered through Sigma Connected, with specialist advisers offering a confidential space where they take the time to listen and understand each member’s unique circumstances. These advisers then offer guidance towards certain charities who can help with applying for specialised grants or that provide financial, mental and physical wellbeing support.
Nationwide said the partnership builds on the society’s credentials as an organisation that wants to “help create the right conditions” for people to be able to resolve their debt.
Following an initial trial period, ReachOut and Nationwide helped more than 100 members get back on track. Advisers identified a number of these members as needing wellbeing support who were put in contact with charities who could then provide the specialist support members required.
Nationwide director of support, Jasper Davy, commented: “Many people are finding life increasingly hard given the cost pressures coming from all directions. As a responsible lender, we need to do what we can to help ease the burden, making the conditions better for people to feel able to make repayments.
“As a mutual, owned by and run for the benefit of its members, working with ReachOut is a natural fit. It follows our progressive work in making it easier for our members to seek the help they need in managing their finances. The results of the pilot have been really encouraging, leading us to adopt the service as one of the ways we can help those who are struggling the most.”
CEO of Sigma Connected, Gary Gilburd, added: “To partner with Nationwide is another important milestone and we look forward to supporting its members and making a real, lasting difference.
“More than anything, ReachOut is all about engaging with and really listening to vulnerable people and those in debt.”
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