Insights ¦ Impact Report 2024

Key Take Aways

• The impact of problem debt persists in the UK, with demand for free, independent debt advice remaining high amid ongoing economic challenges.

• The charity’s strategic focus for 2025–2030 centres on becoming a digital-first organisation, harnessing technology and expertise to build long-term financial resilience.

• Client data in 2024 indicates a nuanced economic picture: rising average income and expenditure, but with persistent vulnerabilities and mortgage arrears increasing significantly.

• The most common reasons for debt reported by clients include cost of living increases (20.6%) and unemployment or redundancy (14.2%), with a notable rise in unemployment-driven debt.

• The organisation’s client advice efforts resulted in 170,928 clients completing full debt advice, with approximately 15,180 clients entering debt solutions and over 15,180 becoming debt-free.

• Digital channels are key, with 92% of clients completing parts of their journey online, reflecting a shift towards more accessible, remote support.

• The organisation’s policy advocacy led to significant legislative wins, including regulation of Buy Now Pay Later and reforms in energy debt collection practices.

• Campaign efforts, such as Debt Awareness Week, reached over 6 million people with more than 550 supporting organisations, elevating awareness and normalising debt conversations.

• Partnerships with major UK financial and energy providers have enhanced support infrastructure, including innovative trial services and bespoke energy and debt advice offerings.

• The organisation’s operational enhancements, notably the deployment of Genesys contact centre technology, have improved client experience and workplace efficiency.

• Internal staff engagement has reached record levels, with 86% colleague engagement and recognised as an Outstanding Workplace, supporting a sustainable and inclusive culture.

• Funding diversification remains a key focus, with a 55% increase in partner donations in 2024 and ongoing development of new sector-funded models to address funding gaps.

Key Statistics

• 6.2 million visits to the organisation’s website in 2024

• 170,928 clients completed full debt advice in 2024

• 92% of clients engaged via digital channels

• 184,564 clients on managed plans

• 48,019 Breathing Space applications processed

• 15,180 clients became problem debt free

• £18.7 million donations secured from partner organisations

• 88 new partners using referral tools

• 92% client satisfaction score and +60 Net Promoter Score

• 10.3% average Fair Share Contribution rate in 2024

• Over 60 million advertising impressions during Debt Awareness Week

• 550+ organisations supported Debt Awareness Week

Key Discussion Points

• The ongoing need for accessible, digitally-enabled debt advice amid a complex economic landscape.

• Strategic shift towards a digital-first approach aligned with client preferences and operational efficiency.

• The importance of policy influence in creating legislative change to improve protections for consumers in financial difficulty.

• The role of partnerships with utilities, energy, and financial institutions in expanding reach and support for vulnerable populations.

• The effectiveness of campaigns like Debt Awareness Week in challenging stigma and increasing public awareness.

• The rising trend of mortgage arrears, with a 69% increase in average mortgage debt and more households experiencing financial difficulty.

• The organisation’s commitment to embedding customer insights through client listening sessions and feedback into service transformation.

• The impact of technological improvements, including the implementation of Genesys, on client experience and workforce productivity.

• Internal culture development, including record-high staff engagement and robust EDI initiatives, underpinning sustainable operational delivery.

• Challenges in funding due to declining Fair Share Contributions, necessitating the development of new models and diversification strategies.

• The organisation’s advocacy work, including securing commitments for regulation of Buy Now Pay Later and improvements to energy debt collection standards.

• The role of collaborative stakeholder engagement and sector-wide initiatives in addressing systemic barriers to financial resilience.

Document Description

This article is a comprehensive impact report from StepChange Debt Charity for 2024, detailing their operational achievements, strategic priorities, client case studies, policy influence, and sector partnerships. It contextualises the ongoing demand for free debt advice within the UK’s economic landscape, illustrating how the charity’s initiatives and innovations are helping individuals manage and recover from problem debt. The report also highlights organisational development, stakeholder engagement, and future strategic ambitions inspired by client insights and sector collaboration, aiming to position StepChange as the UK’s leading digital-first debt advice provider committed to building long-term financial resilience.