Stressed Customers Hit the Phones to Discuss Financial Woes

The rising cost of living is making the phones ring for financial services businesses across the UK – as worried consumers seek more help and reassurance, according to data from leading outsourced communications company, Moneypenny.

Call volumes to financial and insurance clients increased by 30% from November 2021 to January 2022. Similarly, call durations have also increased over the last year, as worried clients take longer to explain their concerns and increasingly complex needs.  The average call duration increased 11% during 2021 – from an average of 1.33 minutes in Jan 2021 to 1.48 minutes in January 2022.

Louise Wilson, who heads the finance sector at Moneypenny said: “This data illustrates our unique position as a barometer of consumer confidence, as when people are worried, they pick up the phone.

“Businesses in the financial sector are experiencing heightened demand and this could be the case for some time yet, so it’s important they have the capacity to handle those calls professionally, efficiently and with empathy, every time.”

Joanna Swash, Group CEO of Moneypenny added: “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.”

Moneypenny provides telephone answering and live chat services to hundreds of financial services businesses across the UK.


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About Moneypenny

Established in 2000, Moneypenny is the world’s market leader for telephone answering, live chat, outsourced switchboard and customer contact solutions. In total, more than 21,000 businesses across the UK benefit from Moneypenny’s mix of extraordinary people and ground-breaking technology.

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Moneypenny are the world's leading outsourced communications provider, working with businesses of all shapes and sizes, from sole traders right up to multinational corporations. Moneypenny have grown to become the biggest and fastest-growing company of their type, handling millions of calls and chats every year on behalf of their clients. Moneypenny are unique in their approach, and genuinely want their personnel to act in the interest of all clients, which is why their values are the foundations of all that they do. Their passionate employees are testament to the brand’s core values and are renowned for their knowledge and professionalism. The brand’s people and culture are the fundamental parts of their mission, values and vision. A strong team spirit embodies Moneypenny’s approach to employee engagement, which stems from the family values that underpin them. Their flat hierarchical structure means that employees are constantly empowered to succeed.