Worried about paying your energy bills? The Bank Workers Charity can help
The rising cost of fuel has plunged the world into an energy crisis. It’s caused inflation to rocket and has seen the cost of living reach its highest level in three decades.
Many of the nation’s households are already struggling to keep up with the hike, leaving some of them faced with the impossible choice between ‘heating or eating’. And yet, things are only set to deteriorate as more families feel the squeeze over the coming weeks and months. It's a very worrying and stressful time.
There is a £2,500 cap on the annual price of the typical dual-fuel bill until the end of April. After that point, support will only be offered to the most vulnerable people, with forecasters predicting that a typical household would face a rise in energy costs to more than £4,300 annually.
If you’re struggling to make ends meet, you’re not alone, there’s plenty of help and support available.
- Check schemes, grants and other benefits – Many places, including most energy companies, charities and the government offer support to help with energy bills. You can find more information about the available help here.
- Contact your energy supplier – If you’re finding it difficult to pay your energy bills, the first thing you should do is talk to your supplier. They’ll do their best to come to an agreement with you, usually by negotiating a payment plan you can afford, and advise you on the best ways to reduce your energy consumption.
- The Bank Workers Charity (BWC): BWC can provide you with guidance on your options and may be able to offer a one-off grant towards the payment of energy bills of up to £500 (subject to eligibility).
- Inbest Benefits Calculator: Use this calculator to get a free and impartial assessment of all the benefits you may be entitled to and how to claim them.
- Ask Bill: Designed to provide free and impartial advice to help you save money on your energy and water bills, Bill offers tips on how to reduce your utility bills, manage your money and deal with debt issues.
- Use this Budget Planner to help you set up and stick to a budget so you can stay in control of your spending and manage your money better. You’ll be able to track and plan for unexpected costs, as well as find areas where you can start saving money.
Want to see the impact where you live?
The TUC has launched a new tool so you can see the impact of the cost of living crisis in your area. Warning: the figures are shocking.
BWC Webinar: Financial wellbeing
A combination of economic circumstances, the impact of the pandemic and a surge in the cost of living has meant that many people have seen their household income reduce significantly.
As a result, more of us than ever have seen our financial wellbeing suffer. In these circumstances, maximising income and knowing what support is available is key.
This webinar looks at the state of personal finances in the UK and explores what we mean by financial wellbeing. It looks also at how money worries can spill over to affect other key areas of our wellbeing, like mental health. We also explore sources of information & support - including the services offered by the Bank Workers Charity.
- Understanding financial wellbeing
- The state of our personal finances
- The cost of living crisis
- How financial wellbeing affects other areas of our wellbeing
- The causes of financial difficulties
- Assistance from BWC and other specialists in financial support
- Examples of how BWC has helped employees experiencing financial problems
You'll find more information and support in our financial wellbeing guidance page below, including information about debt management, entitlements to government benefits and what you may need to disclose to your employer if you find yourself in financial difficulty.
Guidance: Financial wellbeing
This guide from Accord explores what we mean by financial wellbeing, how to budget, what to do if you fall into debt and further support that is available to help you get back on track.
Bank Workers Charity
Need further advice? Read this BWC guide. You can call their free and confidential helpline on 0800 0234 834, or head to their website to access Live Chat, they’re available Mon - Fri from 9am - 5pm.