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Moneypenny Reports Stressed out Customers are Hitting the Phones to Discuss Financial Woes with Energy and Finance Providers

by Jessica Weisman-Pitts
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Leading outsourced communications company, Moneypenny, reports that consumers are already feeling the strain from the rising cost of living and in particular, rising energy costs, as seen in increasing call volumes, and longer length of calls, to clients in energy and financial sectors.

The company, which has more than 21,000 clients, reports that average calls volumes for energy clients had increased by 43% since November 2021, while average call length for these clients had increased by 17% over the same period, (from an average of 1.63 minutes in November 2021 to 1.92 minutes in January 2022).

This increase in volume and length of calls to energy companies follows the period of time when many energy clients were collapsing and closing – from September to December 2021, illustrating Moneypenny’s unique position as a barometer of consumer confidence, as when people are worried, they pick up the phone, and want an immediate response to discuss their concerns.

Moneypenny similarly reports increasing volumes of calls to its clients in the finance and insurance sectors, such as building societies and banks, as cash-strapped consumers want to discuss money worries and find solutions to them. Call volumes to financial and insurance clients have increased by 30% from November 2021 to January 2022. Average call length for these clients has also increased by 11% from January 2021 to January 2022 (from an average of 1.33 minutes to 1.48 minutes in January 2022).

Joanna Swash, Group CEO of Moneypenny commented: ‘We’ve noticed that people are increasingly calling their energy providers to check their tariff and to find out if there is anything they can do to change it.  They’re also wanting to discuss how they can meet their energy payments, or take payment holidays if they are struggling financially. Our call handlers have noticed that people do sound more stressed than usual and are keen to be put through to someone who can help and give advice, and we know that they want to talk for longer, the more stressed they are. They want reassurance, and speaking on the phone helps them find possible solutions. We therefore advise companies in those industry sectors hardest hit by rising prices, to make sure they are set up to handle those calls so they don’t add to the stress their customers are already feeling.’