Beyond Profit: Financial Services Marketers' Role in Addressing the UK's Cost of Living Crisis

In the wake of the UK's escalating cost of living crisis, marketing professionals have been leveraging their expertise not only to promote products and services but also to contribute to the greater good. Through initiatives aimed at educating the public on personal finance, marketers have played a crucial role in helping address the financial strain on households across the country. Here are some noteworthy examples of how members of our profession have sought to make a difference:

1. 'Pension Attention' Campaigns with Big Zuu and Timmy Mallett
The Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) orchestrated a novel approach to pension awareness through their 'Pension Attention' campaigns. In 2022, they collaborated with Big Zuu, a grime artist and TV personality, who used his musical talents to emphasise the importance of pension engagement. The campaign was both informative and relatable, breaking down the complexities of pensions into digestible information. Following this success, in 2023, the campaign introduced Timmy Mallett, leveraging his vibrant TV personality to amplify the message and further the impact of pension awareness. These campaigns underscore the creative potential within marketing to make even the most daunting financial topics accessible and engaging to the general public. Click here to visit the ABI website and read Timmy Mallet's article.

2. Barclays' Financial Education Initiatives
Barclays Bank UK’s 'Moneyverse Matchmaking' and 'Street Talk' initiatives stand as exemplary efforts in simplifying the complexities of financial education. By presenting financial concepts through real-life scenarios and engaging storytelling, these campaigns have made significant strides in demystifying banking and finance for the everyday person. The success of these campaigns lies in their ability to transform traditional financial education into something that is both engaging and practical, encouraging individuals to take control of their financial futures.

3. NatWest's 'Gaming in Lockdown'
NatWest's adaptation of its 'Moneysense in Schools' program into the 'Island Saver' game during the COVID-19 lockdown transformed financial education for children into an interactive gaming experience. This innovative approach not only made learning about finances fun but also accessible, leading to over 2 million downloads. The game's success highlights the power of digital platforms in educating the younger generation on crucial financial decisions.