Visit led by Ian Peters, Director, Customer Facing Strategy, Centrica.
There are a number of issues that cause customers to find themselves living in vulnerable situations. A change in personal circumstances for those that have little or no savings can easily cause a downward spiral. The situation can be further compounded by chronic illness, disability, unemployment, low income, low skills levels or a lack of access to credit.
Statistics from the Financial Conduct Authority (FCA) show that around 8.4 million households in the UK have no savings at all, which rises to 70% of people in the lowest income quintile. Low income can significantly increase debt levels - nearly one in three households have an income below £15,000 and research by FCA shows that 3.9 million lower-income families would be unable to pay their rent or mortgage for more than a month if they lost their job.
Business leaders have a role to play in supporting their most vulnerable customers to rebuild their lives and find a route out of poverty. Over the last decade, British Gas has invested over £75 million in the British Gas Energy Trust to help people struggling with the cost of energy.
This visit will raise awareness and share best practice on how businesses, such as British Gas, can provide practical support and opportunities for customers living in vulnerable situations.
For more information about the visit please contact Grace Sung.