INSIGHTS ¦ Money Advice Trust Outcome Report


Summary

The Money Advice Trust’s 2023 Outcomes Report highlights the organisation’s crucial role in aiding individuals and small businesses in the UK to manage debt amidst heightened cost-of-living pressures. Expanding services and integrating technology have marked significant strides in their approach to offering debt advice, particularly through their flagship National Debtline and Business Debtline services. Their efforts have been instrumental in stabilising or reducing debts for a vast majority of their clients, underscoring the Trust’s commitment to financial well-being and advocacy for vulnerable groups.

Key Points

  1. The Money Advice Trust runs National Debtline and Business Debtline, providing free, impartial advice to tackle debts.
  2. 2023 saw an expansion in services and investments in technology to improve client journeys amidst rising cost-of-living pressures.
  3. Over 127,000 individuals and small businesses received help with their debts.
  4. The Trust launched an integrated casework service, allowing National Debtline clients access to telephone casework.
  5. Business Debtline launched the AdviserHub to support the debt advice sector on small business debt issues.
  6. Training and consultancy services were provided to 70 firms and 2,710 advisers across the debt advice sector.
  7. A coalition led by the Trust advocated for a “Help to Repay” scheme to address record energy arrears.
  8. 80% of clients saw their debts stabilise or reduce, with 88% feeling more confident in managing their money.
  9. The primary reason for debt among National Debtline clients was income too low for basic needs.
  10. The majority of Business Debtline clients were sole traders in administrative and support services.
  11. The Wiseradviser programme offered 20,180 training places to advisers in the free-to-client advice sector.
  12. The Trust worked on key policy areas, including energy debt, debt collection practices, and small business finance skills.
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Key Statistics

  • 127,390 people helped in 2023 through National Debtline and Business Debtline.
  • 100,690 clients served by phone and digital advice tools; 26,700 by webchat.
  • 2.38 million visits to advice websites.
  • 80% of clients’ debts reduce or stabilise; 88% more confident in managing money.
  • 72% report a positive impact on their emotional or mental health.
  • 20,180 training places provided to debt advisers in 800 organisations.
  • 6,000 staff trained in 70 creditor organisations.
  • 3,521 items of media coverage and 21 consultation and policy responses.

Key Takeaways

  • The Money Advice Trust is pivotal in supporting those in debt, especially under current economic strains.
  • Expansion and innovation in services are critical to meeting the rising demand for debt advice.
  • Collaboration with partners like Citizens Advice and Mental Health UK enhances service delivery.
  • The Trust’s efforts in training and consultancy contribute significantly to the debt advice sector’s capability.
  • Advocacy for policy changes, such as the proposed “Help to Repay” scheme, showcases the Trust’s commitment to systemic improvements.
  • The majority of National Debtline and Business Debtline clients experience clear benefits from the advice received.
  • Financial education and support for small businesses are essential components of the Trust’s wider impact.
  • Ongoing challenges, such as high cost of living and rising debts, underscore the need for the Trust’s services.
  • The Trust’s work is supported by a wide network of funders and partners, reflecting a collaborative approach to debt management.
  • Continual engagement in policy and research is vital for addressing the complexities of problem debt.
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