Chris Bose, is the Head of Public Affairs for Nationwide.
As a mutual, Nationwide Constructing Society is owned by, and run for, our 16 million members. We’re one of many largest financial savings suppliers and in 2021/22 we helped one in seven first time patrons into a house of their very own.
Our mutual mannequin is what defines us and sometimes means we take a special method. We had been based over 130 years in the past to assist our members by way of the powerful occasions, and we’re nonetheless doing this at the moment. It’s clear that the price of dwelling disaster is placing strain on households’ funds and for a lot of on decrease incomes their scenario could be very tough certainly. Whereas Nationwide can’t remedy this disaster alone, we are able to and can do every thing we are able to to assist take a few of the strain off our members and colleagues – notably those that are hardest hit.
Now we have already taken necessary steps to extend assist for members by extending our department dedication, to go away no city or metropolis at present served by Nationwide with out a department, to 2024. Now we have opened a devoted price of dwelling helpline and we have now ensured that every one frontline colleagues obtain coaching to supply further cost-of-living assist for members, whether or not in department or on the phone.
For these in monetary hardship, Nationwide supplies a variety of tailor-made choices to assist members get again on observe – no matter whether or not they’re scuffling with their mortgage, unsecured lending or overdrafts. This ensures members obtain the suitable stage and sort of assist to assist them return to monetary well being. This may very well be both short-term respite or longer-term assist. We work with a variety of companions to supply assist to members experiencing monetary hardship, giving them entry to bespoke and specialist providers. We are able to take this broad method as a result of we’re a mutual and our focus is on our members, utilizing the revenue we make for his or her profit.
Within the final yr Nationwide supplied over £7.5 million to assist members and wider society experiencing monetary difficulties by way of charitable partnerships. This contains these scuffling with debt, weak members in addition to by way of grants to group teams throughout the UK.
Younger individuals have been notably affected by the challenges of the previous couple of years, and they need to not must miss out on the advantages loved by older generations. We’re decided that we proceed to assist these eager to personal a house of their very own to get onto the ladder.
As the most important constructing society, we measure our efficiency primarily based on what issues most to our members – offering glorious service, delivering long-term worth and sustaining monetary energy. We consider that mutuals are central to a vibrant and various financial system. Constructing societies provide shoppers a decrease threat, member-focused various to banks.
Nationwide was shaped when like-minded individuals got here collectively to pool their financial savings, nevertheless small, and assist one another purchase houses of their very own and enhance their lot. This founding precept, of working collectively to search out options to the challenges of the day, continues to be at our core. Over a century later, our objective stays the identical. We all know we can’t deal with the price of dwelling disaster alone and consider that it’s only by way of working collectively that we’ll remedy this present problem.
For those who could be eager about talking to Nationwide on any of the problems above, please contact policyandpublicaffairs@nationwide.co.uk.
