Post Office supports millions facing rising cost of living to claim Energy Bill Support Scheme vouchers and fulfil increasing demand for cash

Press Release – 31^stOctober for immediate release

Post Office supports millions facing rising cost of living to claim Energy Bill Support Scheme vouchers and fulfil increasing demand for cash

• Post Office branches have begun processing eight million Energy Bill Support Scheme (EBSS) vouchers expected over the next six months
• · 60% of eligible customers have claimed their first EBSS voucher in October. Post Office urges those eligible to claim their voucher in November, and if an individual forgot to claim their October discount, to bring it with them when they claim their November discount
• · Millions of people with a prepaid meter will receive a voucher by email or post to take to their local Post Office to redeem the financial support
• · Almost 1 in 5 people are using cash to help them budget and manage household finances
• · To help consumers understand EBSS and other financial assistance available this winter, Post Office has launched an online cost of living hub

Post Office branches have started processing over eight million Energy Bill Support Scheme (EBSS) vouchers, the £400 government energy discount. Customers of British Gas, Bulb EDF, E.ON, E.ON Next and Good Energy can claim their vouchers at the Post Office. To date, 60% of vouchers issued in October have been claimed but as the weather begins to get colder, Post Office wants to ensure customers know how they can claim their additional £66 of energy credit for October as November’s vouchers start being issued. Customers may be concerned about opening a bill or being subject to a scam but staff in their local Post Office can help.

Vouchers are the only way that people with a prepaid meter (topped up with electricity keys or gas cards) can receive the £400 discount to help with energy bills this winter as part of a support scheme first announced by the Government in April 2022. Post Office is also working with a number of charities to help get emergency funds out to people who need extra support.

Millions of people across the UK rely on cash to budget and pay their bills, and Post Office data shows many more are turning to budgeting with cash in light of cost of living increases. Post Office data found that 35% of people are now cutting back on essential utilities spending as the cost of energy continues to increase. Data released by energy regulator Ofgem this month also revealed that around 7 in 10 (72%) of people who paid by prepayment (“top up”) for their energy bills reported difficulty affording it, while Uswitch has highlighted the increasing numbers of people on prepayment meters in the six months to March, the first increase since 2019.

In addition, Post Office data shows almost one in five people are using cash to help with budgeting in light of the cost of living crisis.[1] In August, Post Offices handled record-breaking amounts of cash (£3.45bn) withdrawals and deposits, the first time the amount exceeded £3.4bn in one month, and also a record £805m of withdrawals. Additionally, 16% of cash withdrawals from January to September 2022 were ‘to the penny’, for instance a withdrawal of £5.90 or £7.30, particularly important for customers using strict budgeting to manage their daily finances.

To support consumers with the rising cost of living, Post Office has launched a cost of living hub on its website, which details the financial support available such as the Warm Home Discount, Winter Fuel Payments and Cold Weather Payments. The website also lists charities, such as Citizens Advice, who can provide more specific support on managing household bills. Visit postoffice.co.uk/costofliving for more info.

With over 11,500 branches, Post Office has the biggest retail network in the UK and is well placed to support local communities access financial support schemes, such as the EBSS as well as using cash to budget or pay their bills in person.

Nick Read, Chief Executive of the Post Office, said:

“Post Office branches play a vital role in communities by ensuring people can access government financial support, such as the Energy Bill Support Scheme (EBSS) vouchers and withdraw the exact cash they need to help them budget. Through Post Office’s 11,500 strong network, over a million people will be coming through our doors to collect their voucher. We encourage anyone who receives an email or letter telling them to claim their voucher at a Post Office to do so as soon as they can. Our branches are open long hours and many are open on weekends providing a convenient location to redeem the voucher.

“We have also launched a cost of living hub on our website which has information about the various financial assistance schemes available to help ensure no one misses out on vital support. The hub also includes information about charities that can help customers who are struggling as we head into the winter months.”

Ends

For further information or to arrange an interview contact Post Office External Relations on pressoffice@postoffice.co.uk or Tel: 0207 012 3456

About the Post Office

• With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
• Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
• Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
• Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and bill paymentsservices.
• Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
• 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

About EBSS

EBSS is the £400 government energy discount to all households paid over six months in six monthly instalments

The discount to all households will be paid over six months in six monthly instalments: £66 in October and November, £67 in December, January, February and March. This discount will be provided directly by a customer’s energy supplier.

Customers using a prepaid meter (topped up via electric keys or gas cards) will automatically be issued with vouchers by email, or post by their energy supplier. The customers of British Gas, Bulb EDF, E.ON, E.ON Next and Good Energy can claim their payment at any Post Office and the amount will be applied directly to their prepaid card or key. Most meters can only hold up to around £250 of energy credit at a time so it’s important that people claim their EBSS early rather than storing their vouchers up.