City firms bank on ‘savvy’ advertising campaign to push Brits towards investing
Summary
City firms and the UK government have launched a £50 million advertising campaign featuring a character called "Savvy the Squirrel" to encourage British savers to invest their money instead of keeping it in cash. The campaign aims to promote investing across the UK to help grow the economy and address concerns that too many people avoid financial risks.Key Facts
- The campaign will cost about £8m to £10m yearly, lasting 3-5 years, funded by 20 City firms like Barclays, Aviva, and JP Morgan.
- "Savvy the Squirrel," a British red squirrel character, leads the adverts on TV, online, and billboards starting Thursday.
- The campaign does not promote any specific financial product or local UK investments.
- It targets UK adults, including 7 million who hold more than £10,000 in cash savings.
- Keeping money in cash has reduced its value because inflation outpaces interest rates, according to the Investment Association.
- Investing £10,000 in a global equity fund 10 years ago would now be worth about £19,700, compared to £8,400 if kept in cash.
- Some investment platforms withdrew from the campaign due to concerns over costs and advertising designs.
- The campaign is part of Chancellor Rachel Reeves’ plan to encourage financial risk-taking and help revive the UK stock market, which has been losing listings to foreign exchanges.
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