Lantern partners with StepChange as charity warns cost of living crisis is plunging people into debt

DAW is StepChange’s annual flagship consumer campaign, which began this week and will run until Sunday March 30.

The campaign comes after StepChange supported over 170,000 clients through debt advice in 2024, with the charity witnessing changes to the profile of its clients throughout the year.

The charity found that the average client income was increasing and a higher proportion of homeowners are completing debt advice.

With one in 10 StepChange clients completing first time debt advice being based in Yorkshire, the campaign aims to start honest discussions about debt worries between partners, friends, and families.

This year, DAW will explore shame and stigma, with StepChange’s research finding that 80% of people said they felt judged for being in debt.

Lantern has pledged its support to StepChange as part of its mission to make discussing debt less difficult.

As a supporting partner of DAW, Lantern will support StepChange to challenge the embarrassment many people feel about debt and help them access the support they need, and raise awareness for the personal debt crisis and help to find solutions to the problem.

Lantern will offer its solutions-driven advice to StepChange’s customer base, helping to foster open dialogue around the struggles with debt and highlighting avenues where StepChange’s customers can receive support with their financial difficulties.

Paul Mason, CEO of Lantern, said: “It’s remarkable to me how discussing debt is still such a taboo. The stigma around it only worsens the problem, discouraging people from opening up about their finances. We want to assure people that this doesn’t need to be the case.

“The new research from StepChange doesn’t surprise me at all. Many believe that debt is a result of poor financial decisions, but the reality is more complex. There can be a host of reasons why, whether it is unexpected expenses, unemployment, or the cost-of-living crisis, and businesses and organisations must come together to tackle the problem.”

Vikki Brownridge, Chief Executive Officer, StepChange said: “Debt can impact anyone, yet stigma too often prevents people from seeking help. Debt Awareness Week aims to change that, opening up conversations and encouraging those struggling to get the support they deserve.

“Lantern knows first-hand the effect debt can have on its customers and has a track record in supporting them to manage it with empathy and understanding, so naturally we’re thrilled to have their support. We look forward to working with them to help as many people as possible find solutions for managing their debt.”

For more information visit www.lanternuk.com or https://www.stepchange.org/debt-awareness-week.aspx.