The rising cost of living is causing an increase in inbound phone calls for financial services businesses across the UK – as worried consumers seek more help and reassurance, according to data from 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 (pictured), 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.”