OFT provides effective advice on Christmas savingConsumers get the Christmas saving habit
07 November 2008
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 has now demonstrated the positive effect this campaign has had on helping consumers to make an informed choice and change their saving habits.
Around 40,000 consumers attended face-to-face sessions and 95% of those attending found the Save Xmas sessions useful.
In a follow-up survey some 38% of people said that they had changed the way in which they saved for important events, with many opening a savings account with a bank, building society or credit union.
Some 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.'
Go here for more information on the OFT's Save Xmas campaign. You can find the Which? Best Rate savings accounts on our reviews section.