Banks and building societies using advertising to recruit young people
could be wasting their money, according to research published this week.
A survey of 1000 people of all ages, carried out by advertising agency
Holder Wilson Pearce & Bailey, found that just 4% of 15- to 24-year-olds
based the decision of where to open their first current account on TV
advertising, and just 2% on press ads.
This compared with 19% who chose their bank according to the advice of
their parents and 26% who used the bank which already held their savings
A spokesman for HWP&B, one of NatWest’s roster agencies, said banks
should target young people and their parents with ads offering advice
and information. ‘Parents might not hold the purse strings but they play
a major part in deciding where the money in the purse goes,’ he said.
See Analysis, page 20