Newsroom

OFT 'Save Xmas' campaign comes to Wales

159/07    19 November 2007

The OFT is launching the Save Xmas campaign in Wales this Wednesday 21 November. The campaign was launched following the collapse of the Farepak hamper company last year when 12,000 people in Wales lost their Christmas savings.

The OFT was asked by HM Treasury earlier this year to carry out an awareness programme to help consumers understand their options when saving for Christmas. The scheme in Wales involves the OFT working with community groups and consumer organisations. It involves running sessions for groups of people helping them to understand their options for Christmas saving and choose what's best for them.

The OFT has produced a toolkit including a leaflet, a short film, presentations, research findings and background information that form the basis of the twenty minute training sessions. More information on the 'Save Xmas' campaign is available in the Save Xmas section.

Sue Cook, OFT Head of Consumer and Business Education, said:

'Thousands of consumers were affected by the collapse of Farepak and community groups including many tenants groups provided advice and options. The OFT is committed to working with such groups locally to increase knowledge and skills about savings, not only for this Christmas but for many years to come. This campaign is not about telling people what they can and can't do with their money. What is important is that people who want to save for Christmas can do so, knowing what their options are and what risks are involved.'

NOTES

1. The 'Save Xmas' campaign will include working with community groups and partners across the UK to develop consumer education resources for organisations to use with consumers in their local areas. Consumer education is a key element of the campaign which, in the long term, aims to equip consumers with the skills to: analyse the options available to them, make comparisons between different choices, make balanced judgements, assess levels of risk, and research relevant information to make the best choice for them.

2. The UK campaign was launched on 1 June 2007 in response to the Farepak collapse last year - see press release 79/07.

3. Community groups from Wales are being invited to assist with the campaign by running sessions about the options when saving for Christmas and other short-term savings schemes.

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