Lessons the banks can learn from EDF
When we first started www.saveabitspendabit.co.uk in 2006 we tried to make appointments with lots of banks and building societies to tell them what we were doing as I felt, and still do, that they were our natural partners. Oh How wrong I was!
We were told by too many of them to mention that no, this was not something they would or could support as it was not in their interest to support something which effectively was working toward a long term goal of eradicating debt. I was more recently at a dinner where a very senior investment banker, who apparently only dealt with £1million plus clients, gave me the same thoughts so things, unfortunately, have not changed.
I recently visited EDF Energy www.savetodaysavetomorrow.com – an energy company with over 5.5million UK customers. They are one of the main sponsors of the London 2012 Olympic and Paralympic Games You’d think, as an energy company, they would want customers to keep on using energy without regard to making savings – be that saving energy or money, never mind the need for us all to reduce energy use to help tackle climate change. However, EDF Energy are effectively marketing to their customer base to use less energy. Fuzzy logic or socially responsible marketing?
EDF Energy wants to be at the forefront of social change, they have a climate change and energy conservation programme aimed at schools. www.jointhepod.org They’re impressive, transparent and a forward-thinking organisation. With this in mind I want to sign up with them, their marketing message says to me: we understand the climate change issue and are working to find solutions, me being part of it means that I am supporting them and not adding to the problem.
On the other hand what are the banks doing? They all give to a fund which is organised by PFEG (Personal Finance Education Group) PFEG is where teachers can go and find resources to help them teach children about money, savings and investments. If you look at many of these resources you will see they are all about accepting debt as part of life and how to manage it. This is a bit like an energy company encouraging customers to get used to power cuts! Banks encourage children’s recognition of credit cards, after all it’s with this ‘flexible friend’ they will make lots of money with in the future. There is very little for the primary age child.
Of course there are children’s savings accounts but very little active engagement with children. This is the parents’ job, not the schools (though as we speak there are plans to get this included on the curriculum but we will see where the new government’s priorities lie!!) The banks are there to make money and though they will offer you lip service with child savings accounts, their heart is not in it. Not yet anyway!
That’s why we at http://www.saveabitspendabit.co.ukare delighted to support the Which: Britain needs better banks campaign. www.bnbb.org
Tags: saving