OFT Works With Citizens Advice To 'Save Xmas'

The OFT's 'Save Xmas' campaign has had a major impact on people's behaviour towards saving, new independent research shows.

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, released yesterday, demonstrates the positive effect this campaign has had on helping consumers to make an informed choice and change their saving habits.

Alongside this, 38% of people contacted in a follow-up survey said they had changed the way they saved for important events as a result of their session, with many opening a saving account with a bank or building society or credit union. 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."

The campaign is funded for the next three years. Consumers wanting to find out more should contact their local Citizens Advice Bureau.

(JM)