Debt Awareness Week: Steps to build a healthier financial future

Debt can happen to anyone 

Debt can affect anyone, and no one should have to face it alone. Yet, many people struggling with debt still feel a sense of shame—when in reality, it’s far more common than you might think. Research shows that 20.3 million people are living in financially vulnerable circumstances across the UK  with a large majority turning to credit and unsecured loans to stay afloat, the FCA found that 42% of borrowers who were struggling ignored contact from their lenders out of embarrassment. 

We understand that dealing with debt can feel overwhelming, but the good news is that there is plenty of support available, and taking small steps now can make a big difference in the long run. 

Making positive financial changes doesn’t have to be overwhelming. Here are some simple steps that can help:  

Talk to others and seek support 

One way to break down the stigma around debt is to talk about it. A survey from Lowell found that 69% of people in debt don’t talk about it with anyone, despite the stress it can cause. But there’s power in opening up. 82% of people felt better after speaking about their debt. Sharing your worries, whether with a friend, family member, or support service, can help you feel less alone, we are better off together. 

Check what you’re entitled to 

Everyone deserves a bit of extra help when times are tough, and there’s no shame in checking what support you might be entitled to. The Better Off Calculator is free and easy to use, with just a few simple steps it can help you find out what extra benefits or support you could claim.  

Get free debt advice 

Trying to clear your debts on your own can feel impossible. Charities like Citizens Advice and StepChange offer free, confidential advice and helpful tools like the Online Debt Advice Tool, it takes 20 minutes to complete and is entirely anonymous, it assesses what support you may need and provides you with next steps to take control of your finances.  

Aim for healthy savings habits 

Saving money might feel out of reach when you’re struggling, but even small steps can help build financial security over time. 

Try a savings challenge 

Small savings add up. Challenges like the 1p Savings Challenge encourages you to save gradually over time. By the end of the year, you could have £667.95 saved just by starting with 1p on day one and increasing it daily. You can download a free 1p Savings Challenge Chart to track your progress. 

If you have a Monzo account, you can even automate this challenge for free to make saving effortless, check out their video here explaining how it works.  

Use the GWCU Savings Tracker 

Already saving with us? Try our free Savings Tracker in the Member Portal. Set a savings goal that feels manageable and track your progress, it’s all about taking small, consistent steps. 

Support from GWCU: we are better off together 

At GWCU, we believe in supporting our members through every financial challenge because we’re better off together. Our Member Engagement Team is here to offer practical solutions tailored to your situation. If you're struggling with loan repayments, talk to us. Depending on your situation, you may be eligible for a payment holiday or an adjusted repayment plan to help you get back on track. 

You can reach our Member Engagement team by sending us a secure message, giving us a call or by email at info@gwcu.org.uk.