OFT campaign ‘helps encourage saving’

A campaign from the Office of Fair Trading (OFT) has helped change people’s saving habits, it has been claimed.

The OFT’s ‘Save Xmas’ initiative, which was launched in 2007 with following the collapse of Christmas hamper firm Farepak, has resulted in consumers taking a more proactive approach to saving for the festive season.

Ran in partnership with Citizens Advice, the campaign received £1 million in funding from HM Treasury in order to help explain wider issues around personal saving.

And nine out of ten people who attended training sessions learned more abut their saving options, possibly helping them to implement a debt management plan and avoid bankruptcy.

Economic secretary to the treasury Ian Pearson MP hailed the success of the scheme, stating: “‘The government is committed to making sure that everyone, especially people living on lower incomes, can make the most of their money, plan for the future and cope with financial pressure.”

Shoppers are unlikely to be spending as much as in previous years over the Christmas period, David Kuo of money website fool.co.uk has predicted.

By Tom Musk