‘TV soaps should educate consumers on debt issues’

The Government should use popular soap operas such as Coronation Street and EastEnders to educate consumers about financial services, according to a new Treasury-backed report.

The Thoresen Review of Generic Financial Advice, written by Otto Thoresen, the chief executive financial services group of Aegon UK, also suggests the financial services industry could save £57m in marketing costs each year by supporting a government-backed cash education scheme.

The final report published this week sets out a number of recommendations for the government and industry-backed generic financial advice scheme, Money Guidance. It follows an interim report, published last year, which said an ad budget of up to £30m could be set aside to support the proposed free advice scheme (MW November 1, 2007).

The Government has pledged £12m for a large-scale trial of the service, which will be led by the Financial Services Authority (FSA).

Thoresen suggests television could play a “big part” in the engagement strategy and recommends positioning the service within a storyline of “one of the popular soap operas” or creating a Money Guidance-themed “lifestyle” series. He urges the Government to use initiatives to form part of the trial.

The report further details how the industry-backed service could save it money. It says that the industry spends around £1.5bn a year on advertising and promotion, with a further £4bn in commissions to intermediaries.

Thoresen says that the industry’s advertising and marketing campaigns will be more effective if targeted at an audience that understands basic financial facts. He adds: “Any attempt to put a value on this would be purely speculative, but if the figures quoted could be reduced by just 1%, this would generate savings across the industry of £57m a year.”

Recommended

The Government repeats calls for alcohol danger ads

Marketing Week

The Government has repeated its calls to the drinks industry to advertise the dangers of alcohol or face further restrictions. The warning comes in the Department of Culture, Media and Sport’s report on the impact of the Licensing Act 2003 published today (March 4). Culture secretary Andy Burnham (pictured) says it would “welcome industry consideration […]

Comments

    Leave a comment

    Close

    Discover even more as a subscriber

    This article is available for subscribers only.

    Sign up now for your access-all-areas pass.

    If you're an existing paid print subscriber find out how to get access here.

    Subscribers enjoy unlimited access to unrivalled coverage of the biggest issues in marketing, alongside practical advice from the digital experts at Econsultancy.

    With a subscription to Marketing Week Premium you will get full access to:

    > World-renowned columnists

    > Analysis & case studies

    > Exclusive leading-edge insight

    > Carefully curated reports & briefings from Econsultancy

    > Plus, much more including a £300 discount for the Festival of Marketing

    Subscribe now

    Got a question?

    Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

    If you are looking for our Jobs site, please click here

    Subscribers enjoy unlimited access to unrivalled coverage of the biggest issues in marketing, alongside practical advice from the digital experts at Econsultancy.

    With a subscription to Marketing Week Premium you will get full access to:

    > World-renowned columnists

    > Analysis & case studies

    > Exclusive leading-edge insight

    > Carefully curated reports & briefings from Econsultancy

    > Plus, much more including a £300 discount for the Festival of Marketing

    Subscribe now