Yorkshire Building Society's "Savings Stagnation"

Campaign Overview:

Yorkshire Building Society (YBS) launched a pivotal PR campaign titled “Savings Stagnation,” aimed at highlighting the critical issue of billions of pounds lying dormant in low-interest savings accounts across the UK. Leveraging new data and expert insights, the campaign sought to awaken the public to the potential financial losses and encourage proactive savings management.

Background:

Amid economic fluctuations and the release of Q4 figures from major UK retailers, YBS identified a pressing need to address the widespread financial inertia affecting savings. With £380 billion in savings accounts earning minimal returns, the campaign’s timing was crucial, aligning with discussions on UK GDP and consumer spending habits.

Key Findings:

– Financial Inertia: Nearly half of the UK population uses savings for daily expenses, highlighting a significant financial stress.
– Lack of Awareness: 57% of savers are unaware of the personal savings allowance, underscoring a gap in financial literacy.
– Missed Opportunities: A vast majority of savers have not shifted their savings to more lucrative accounts, missing out on better interest rates.

Strategic Media Outreach:

The campaign utilised a multi-tiered media strategy, engaging both national and local outlets to ensure widespread coverage:
– National Exposure: Through outlets like BBC News Channel and Greatest Hits Radio, the campaign reached audiences across the UK, emphasising the urgency of reassessing savings strategies.
– Regional Depth: Collaboration with BBC Regional Radio stations enhanced local engagement, with stations like BBC Radio London and BBC Radio Manchester amplifying the message to diverse communities. Be Broadcast secured every single BBC in England.

Impact and Effectiveness:

The “Savings Stagnation” campaign successfully raised awareness about the critical issue of dormant savings and the importance of financial literacy. By leveraging the reach of both national and regional media, YBS fostered a nationwide conversation on financial health, encouraging individuals to take control of their savings.

Discussion Points

– The campaign highlighted the need for increased financial education, as evidenced by the lack of awareness around the personal savings allowance.
– It underscored the impact of economic policies on savings behaviours, prompting discussions on the need for policy reviews and updates.
– The shift towards digital banking emerged as a significant trend, with implications for traditional savings methods and financial management practices.