Wise - Royal Academy of Scamatic Arts

Challenge

  • Context: Amidst the ongoing cost of living crisis, millions of UK savers are not maximizing the potential of their savings.
  • Problem: New data reveals that £366 billion of UK savings is stuck in low-interest accounts, costing Brits over £1,000 in potential annual income.
  • Key Findings:
    • Nearly 13 million UK current accounts hold over £5,001 each, averaging £23,700 per account.
    • Over half of savers haven’t moved their money in the past year due to perceived hassle and a belief that it’s not worth the effort.
    • A significant 66% of people are unaware of the personal savings allowance, missing out on opportunities to maximize their savings returns.

Action

  • Partnership: Yorkshire Building Society, with insights from finance expert Rachel Springall and Chris Irwin, Director of Savings, launched a campaign to raise awareness.
  • Strategy: Highlighted the importance of moving savings to higher-interest accounts to generate better returns, especially in the context of rising everyday expenses.
  • Media Engagement: Utilized various media outlets to disseminate findings and advice, reaching millions of savers.

Results

  • Media Coverage:
    • Achieved 2,230 media hits.
    • Total reach of 960,117,986.
    • Coverage included major outlets such as:
      • Sky News Radio Bulletins: Reported that more than £366 billion is sitting in UK savings and current accounts earning returns of 1% or less.
      • BBC Radio 4 You and Yours: Presented research figures from Yorkshire Building Society tracking UK savings habits.
      • Reuters: Discussed Yorkshire Building Society’s loyalty products offering premium rates to long-term members and provided specific research figures regarding the significant amount of stagnant savings.