11 million people have less than £100 in savings. That’s a worryingly large amount of people who would struggle to cope financially if they received an unexpected bill. Nationwide wanted to do something about it.
But it was also suffering from some challenges of its own. With household finances being squeezed by Brexit uncertainty on one side and the newly “ring-fenced” banks triggering a race to the bottom on mortgage lending on the other. Nationwide’s was under significant commercial pressure.
The team rose to the challenge, launching the Payday Save Day campaign based on a simple truth: it’s easier to save the day you’re paid. The campaign shifted the nation’s attitudes towards savings with more people agreeing that “saving a little each month is important to do”, that saving “is relevant to me” and that saving “is easier to do on the day you’re paid”. It also significantly improved Nationwide’s position in people’s minds and helped arrest a decline in savings balance, with balances returning to growth sooner than anticipated.
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