Research conducted by Yorkshire Building Society in 2019 found that 15% of people don’t have any savings and 26% of those with savings only have enough saved to last them one month or less. Factors like these heavily contribute to feelings of a lack of security, of anxiety, and even to depression. By developing good savings habits early, people are far more likely to retain the good habit later in life.
The “Pass it On” campaign, which promotes a range of Children’s Savings Accounts, strives to help people understand the importance of getting into a savings habit early and show how this can help to improve both their financial and emotional wellbeing. But children aren’t going to start saving on their own. Critical to achieving this behavior change was enlisting the help of the wider family unit: the parents, the grandparents, the aunts and uncles to kick-start their younger family members’ savings habit by actively encouraging it themselves and by passing on their wealth of knowledge about money management.
The lightning bolt moment for this campaign came when we talked to kids – as reflected in the social campaign – and we saw first-hand how kids today don’t know enough about money and savings.Matt Davis, ECD, Red Brick Road
Running across Print, Digital, Social and Radio, the campaign reflects all the wonderful things parents and grandparents can pass on to their children – a musical talent or love of swimming – and remind them that a responsible attitude to money is another important skill they can pass on. By partnering with Yorkshire Building Society (YBS) to instill positive attitudes to money management, not only can parents and grandparents ingrain positive financial habits, but they can provide a tangible benefit to their children and grand children’s future financial security (whether that is help towards university fees or buying their first home).
“Pass it On” is firmly rooted in YBS’ brand purpose of “Real Help with Real Life”. Running through all internal and external activities, “Real Help with Real Life” recognises how unpredictable life is today and in turn, drives YBS to deliver on their promise to customers which is to offer products, services and tools that enable every customer to navigate this ‘new normal’ with confidence.
As such, a key ambition of the Society is to help people towards greater financial wellbeing and an understanding how savings can play a huge role in providing financial security. The launch of the campaign is an opportunity to do more than simply talk about the products themselves – “Pass It On” offers an opportunity to educate customers and to demonstrate our commitment to providing Real Help with Real Life.
Pass It On
Yorkshire Building Society and Red Brick Road Launch Campaign to Safeguard the Financial Futures of British Children.