Insights ¦ Impact Report 2024

Key Take Aways

1. The charity has successfully expanded its capacity, delivering over 271,900 advice interactions across National Debtline and Business Debtline in 2024, representing a 36% increase compared to 2023.

2. The introduction of My Money Steps, a new digital advice platform, has enhanced online engagement, with over 7,000 users in its first six months and significant positive wellbeing impacts reported.

3. The charity reports high client satisfaction, with Net Promoter Scores of +50 for National Debtline and +64 for Business Debtline, indicating strong advocacy.

4. A major focus on vulnerable customer support is reflected in extensive training initiatives, with over 30,290 training places delivered to staff in 50 creditor organisations, and recognition through sector awards.

5. The organisation is taking a preventive approach through initiatives like Building Up Business, developed in partnership with Aviva, aimed at boosting financial resilience and skills among small business owners.

6. Its advocacy campaigns achieved policy wins, notably the commitment from Ofgem to introduce a Help to Repay scheme for energy arrears in 2025.

7. The charity’s influence extends to policy consultations, engagement with regulators, MPs, and stakeholders, contributing to improved practices and understanding in the sector.

8. The organisation’s training for advisers improved knowledge and application, with 98% of participants noting enhanced understanding and client outcomes.

9. The annual impact report highlights the persistent and exacerbated financial vulnerability caused by high living costs, with 43% of clients reporting negative budgets.

10. The organisation’s awards and recognitions validate its leadership in vulnerable customer support and service excellence, including winning Best Vulnerable Customer Support Initiative.

11. The partnership network remains broad and influential, encompassing utility providers, banks, government departments, and sector charities.

12. The organisation is proactively developing resources, including evidence-based research like the Broken Budgets report, to inform policy and address systemic financial difficulties.

Key Statistics

• 271,900 advice interactions in 2024, up 36% on 2023

• 118,300 people helped by phone and online advice (64% increase from 2023)

• 32,200 people assisted via webchat

• 2.18 million visits to the National Debtline website

• 6 million minutes of advice provided in total

• 9 in 10 clients report debt reduction or stabilisation

• 80% of clients say they are more confident in managing money after advice

• 77% report positive impact on overall wellbeing

• 91% of clients see debt reduced or stabilised; 78% report debt problems are resolved

• 14,540 training places for debt advisers; 30,290 for creditor staff

• NPS scores: +50 for National Debtline, +64 for Business Debtline

• 37,800 small business owners helped via Business Debtline in 2024, up 32% from 2023

Key Discussion Points

• The organisation is significantly increasing its reach and capacity in debt advice, responding to escalating demand during a period of rising financial hardship.

• Digital tools like My Money Steps are central to enhancing accessibility and user experience, facilitating self-directed advice and positive client outcomes.

• The charity’s focus on vulnerable and marginalised groups is evidenced through dedicated training, sector awards, and strategic initiatives.

• Building Up Business exemplifies a preventative strategy, aiming to improve financial literacy and support business viability among small entrepreneurs.

• The high client satisfaction levels underscore the organisation’s effectiveness in delivering impartial, expert advice.

• Policy advocacy remains a core component, with notable wins such as Ofgem’s energy debt repayment scheme.

• The organisation recognises the importance of continuous service improvement, utilising Net Promoter Scores and feedback to guide development.

• Their person-centred approach includes testimonies from clients detailing how advice has transformed their financial and emotional wellbeing.

• The high prevalence of energy, council tax, and water arrears indicates systemic financial pressures borne by low-income households.

• Sector partnerships are vital, enabling knowledge sharing, training, and sector-wide improvements in customer vulnerability support.

• The organisation leverages research, such as the Broken Budgets report, to shape policy and challenge systemic issues.

• Ongoing sector training and regulatory engagement underline a proactive approach to improving standards and outcomes for vulnerable consumers.

Document Description

This article provides a comprehensive overview of the Money Advice Trust’s impact report for 2024. It details the organisation’s strategic initiatives, operational achievements, policy influence, sector collaborations, and client outcomes. Emphasising a proactive, multi-channel approach, it highlights innovations like digital advice platforms, sector training programmes, and advocacy campaigns addressing systemic financial issues. The report underlines the organisation’s commitment to expanding access, improving service quality, and shaping policy to prevent problem debt and support vulnerable groups across the UK.