OFFICE OF FAIR
TRADING News Release (128/08) issued by COI News Distribution
Service. 5 November 2008
The OFT's
'Save Xmas' campaign has had a major impact on
people's behaviour towards saving, new independent research shows.
Following the collapse of the Farepak hamper company, the OFT
partnered with Citizens Advice in 2007 to launch and administer
the 'Save Xmas' campaign. It received initial funding of
£1 million from HM Treasury as part of the Government's
response to the Farepak collapse.
The campaign uses face-to-face training sessions to explain the
pros and cons of different Christmas saving options as well as
wider issues around personal saving. The OFT produced a toolkit
including a leaflet, a short film, and presentations to use as the
basis for these sessions and the campaign also involved additional
publicity including a national launch and regional events.
Research carried out by Ipsos Mori, released today, demonstrates
the positive effect this campaign has had on helping consumers to
make an informed choice and change their saving habits. For instance:
* the campaign reached an estimated 40,000 consumers in
face-to-face sessions.
* 95% of people said they found the Save Xmas session they
attended useful.
* nine in ten people knew more about their savings options by the
end of the session and four in five knew where to go for more information.
Alongside this, 38% of people contacted in a follow-up survey
said they had changed the way they saved for important events as a
result of their session, with many opening a saving account with a
bank or building society or credit union. 71% also felt more
confident about deciding how to save more generally.
John Fingleton, OFT Chief Executive said:
'This research demonstrates just how effective the campaign
has been in helping people learn about the different ways in which
they can save money and the benefits and risks attached.
'Our partnership with Citizens Advice and community groups
in using the face-to-face approach to reach the many people across
the country at risk of financial hardship has been, and will
continue to be, crucial.'
Ian Pearson MP, Economic Secretary to the Treasury, said:
'The Government is committed to making sure that everyone,
especially people living on lower incomes, can make the most of
their money, plan for the future and cope with financial pressure.
'We believe that everyone should have the opportunity to
save in a safe, accessible and protected environment. I am very
pleased to see the success of Save Xmas and I look forward to
seeing this valuable work continue in the future.'
The campaign is funded for the next three years. Consumers
wanting to find out more should contact their local Citizens
Advice Bureau.
John Rhodes, Head of Financial Capability, Citizens Advice said:
'This campaign means that some good, at least, has come out
of the Farepak collapse. Citizens Advice Bureaux working with
local partners are having a real and substantial impact on the way
people save, and not just for Christmas.
'This research by Ipsos Mori backs up the feedback that
those teaching financial education skills have been receiving
locally, and we welcome the commitment the Treasury and OFT have
given to extending the Save Xmas campaign.'
The full evaluation report can be found at http://www.oft.gov.uk/news/campaigns/savexmas/
NOTES
1. Following the collapse of Farepak hamper company in 2006 the
Government's announced £1 million funding for the Office of
Fair Trading to conduct a consumer awareness campaign on Christmas
saving schemes and mainstream alternatives. Save Xmas was launched
on 1 June 2007.
2. In December 2007 HM Treasury announced a further £2 million
for 'Save Xmas' taking it to March 2011.
http://www.oft.gov.uk
PUBLIC enquiries: 0845 7224499 enquiries@oft.gov.uk
OFT
reports and consumer information leaflets are available free
from:
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