It’s Never Too Early To Start Saving

Press release published on 29 September 2006 by Scarborough Building Society

Scarborough Launches Provocative Campaign To Get Message Across To Kids, And Their Parents

‘Kids Only’, ‘Stay Out!’, ‘No Adults Allowed’.

These are the kinds of messages being used by Scarborough Building Society to appeal to young people and give the idea of saving for the future some street cred.

The slogans appear on posters and window stickers across the Society’s nine-branch network and are part of a new campaign promoting the Society’s market leading Smart Kids savings range.

Fun sticker sheets will also be inserted into children’s passbooks when their parents deposit money into their accounts, to alert them and their offspring to the importance of saving for the future and money management.

The campaign focuses on accounts in Scarborough’s Smart Kids range, which include Young Super Saver and Children’s Savings Bond.

And it is hoped that its thought-provoking messages will also encourage parents, grandparents and guardians to think again about their whole family’s long term financial priorities.

‘With growing concerns about record personal debt levels and people’s lack of provision for the future, we believe financial services providers like ourselves have a responsibility to encourage people to take stock and start saving,’ said Tony Burdin, Head of Group Marketing.

‘It is particularly important that parents begin to set cash aside for their children’s futures.

‘In an era characterised by rising university costs and burgeoning house prices, the onus will increasingly be on parents to provide a nestegg to help get their children established once they leave home, whatever path they choose to take in life.’

The average cost of a three-year university education is around £27,095, according to statistics from the National Union of Students; while a 5% deposit for a flat based on average house prices is around £8,125, based on information from national housing information provider Hometrack.

Tony added: ‘Because there are so many worrying statistics out there though, we felt it was also important to get these messages across in a fun way – hence the reason for a sticker campaign which we hope will both appeal to parents and communicate directly with children in a language which will be meaningful for them.’

Scarborough Building Society’s children’s range has long held an impressive reputation for competitive children’s savings products, with regular appearances in the national best buy tables.

For example, its Children’s Savings Bond regular savings account offers the second highest interest rate on the market, at 5.75%. This account also boasts other competitive features, including the guarantee that it will always pay 1% above Bank of England Base Rate, and allowing one withdrawal per year with no penalty.

Meanwhile, Scarborough’s Young Super Saver account offers easy access and can be opened with a little as £10, giving the account holder access to competitive interest rates (currently 4.55%) right up to the age of 23. This account also offers easy access with no penalties.

Scarborough also offers Child Trust Fund accounts in partnership with Engage Mutual Assurance.

---