HSBC UK is rolling out free financial health checks across its branch network, building on the success of its telephone-based service. The initiative aims to provide personalised financial guidance to customers and non-customers alike, with in-person consultations available in more than 100 branches within weeks, according to the bank.
Financial wellbeing has become an increasingly important issue, particularly in the wake of the Covid-19 pandemic, which left many individuals reassessing their financial stability.
HSBC UK’s Financial HealthCheck service, first introduced in 2016, has already assisted over 11,000 people via telephone, and the expansion into branches is designed to offer more tailored, face-to-face support.
Expanding Financial Guidance in Branches
HSBC UK’s decision to extend its financial health check service reflects a growing demand for personalised financial advice. The service, which was initially available over the phone, will now be accessible in branches, offering a 30-minute consultation designed to help individuals assess and improve their financial resilience.
According to HSBC UK, the consultation covers key areas such as spending habits, savings goals, borrowing options, and overall financial wellbeing. The service is open to both existing HSBC UK customers and non-customers, underlining the bank’s commitment to providing financial guidance to a broad audience.
Sally Williams, head of HSBC UK’s branch network, highlighted the importance of financial wellbeing, stating that while it is often overlooked, it plays a crucial role in people’s lives. She noted that the Covid-19 pandemic served as a wake-up call for many individuals, prompting them to take a closer look at their financial situations.
“Like a medical check-up, it could help in identifying areas that may need to be addressed, but with a personalised approach, it can also help people build a solid foundation for a stronger financial future. This, like our other financial wellbeing tools, are a valuable resource open to everyone, not just HSBC UK customers.” Williams said.
Broader Financial Wellbeing Initiatives
The financial health check is part of a broader set of initiatives by HSBC UK aimed at improving financial literacy and stability.
In addition to the in-branch service, the bank offers financial wellbeing webinars, unclaimed benefit checks, and an online financial fitness score tool. These resources are designed to provide ongoing support to individuals looking to enhance their financial awareness and planning.
One HSBC UK customer, a 27-year-old man, shared his experience with the Financial HealthCheck, revealing that he had accumulated £18,000 in debt and was struggling financially.
After seeking guidance from HSBC UK, he was presented with viable options to manage his situation. “It was also suggested I sit down with my partner and tell her about the situation which I subsequently did and it all ended up working out well and she has supported me throughout.” he said.
