The government has launched a national campaign fronted by ‘Savvy the Squirrel’ to encourage people to invest.
The campaign is due to be launched by chancellor Rachel Reeves at the London Stock Exchange today (April 23) and is backed by 20 of the UK’s top financial services firms.
Sasha Wiggins, chair of the Retail Investing Campaign and chief executive of Barclays Private Bank and Wealth Management, said: “The UK has a strong savings culture but a significant investing gap with too many still feeling investing is not for them.
“This landmark campaign is about breaking down those barriers by giving people that can invest the confidence, knowledge and real-life examples to take the next step so they can meet their long-term goals.
“At a time of uncertainty, having a solid savings buffer is essential but good money management is also about thinking ahead and giving your money the chance to grow.
“With more than six in 10 current investors saying they wished they had started earlier, the key lesson is that time in the market, not timing the market, matters.”
We want more people to feel that investing is relevant to them and to take the next step when it is right for their circumstances
Research by the Financial Conduct Authority shows 7mn adults hold more than £10,000 in cash savings who could be missing out on the benefits of investing.
The campaign will roll out in phases, starting online and expanding to TV in the autumn.
Savvy the Squirrel will be the face of the campaign, representing someone who has already taken that next step.
Chris Cummings, chief executive of the Investment Association and deputy chair of the campaign, said: “There is clear demand from millions of savers who want to do more with their money, but do not always feel confident about where to begin.
“By improving understanding and encouraging more open conversations, we want more people to feel that investing is relevant to them and to take the next step when it is right for their circumstances.”
Campaign kicks off
The campaign aims to connect with the 10mn savers interested in doing more to invest and those who have already taken that step.
New research found more than a third of savers would be more likely to invest after a conversation with someone they know, but conversations about investing remain relatively uncommon – with 69 per cent of people saying they rarely or never talk about it.
This week, the campaign will unveil ‘Savvy cabs’ in Manchester, with passengers offered free journeys in exchange for taking part in informal conversations about money and investing.
Inside each taxi a financial content creator and a real-life investor will share their experiences with members of the public.
This is the first “public activation” of the campaign which will see more roll outs in the next few months across the UK.
Economic secretary to the Treasury, Lucy Rigby, said: “With greater awareness of the benefits of investing, more people will be able to make informed decisions about how to make their savings work harder for them.
“That will mean greater prosperity and financial resilience for households across the country and strengthened domestic capital markets too.”
tara.o’connor@ft.com
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