The campaign is part of Chancellor Rachel Reeves' nationwide push to encourage more financial risk-taking, amid fears risk-averse consumers are losing out and stymying UK growth. It is backed by several financial services firms, with support from the Treasury, the Financial Conduct Authority (FCA), and the Money and Pensions Service. The campaign will cost up to £50 million and run for between three and five years at an annual cost of about £8 million to £10 million, covered by 20 City backers including Barclays, Aviva, Schroders, Robinhood UK, L&G, and JP Morgan.
However, investment platforms AJ Bell, Interactive Investor, Trading 212, Freetrade, and Octopus Money withdrew from the project, primarily on the grounds of costs. The campaign will roll out in phases, starting with digital and social channels, and be expanded to television from the autumn. It includes a character called 'Savvy the Squirrel' and 'savvy cabs' where taxi passengers can chat about money and investing.
A fleet of taxis will be transformed into 'savvy cabs' in Manchester this week. Research underpins the campaign's urgency. 1 million savers across the UK) would be interested to learn more about investing.
Previous FCA research has indicated that around seven million adults hold more than £10,000 in cash savings and could be missing out on the benefits of investing. Research suggests that seven in 10 (69%) people rarely or never talk about investing. The campaign will not push savers towards any specific financial product or UK-specific investments.
It was originally announced in Reeves' Mansion House speech last summer. Specific regulatory changes being implemented alongside the campaign to help revive the UK stock market have not been detailed, nor have the exact costs and budget breakdown for the campaign phases. How the campaign will measure its success in transforming attitudes towards investing also remains unclear.