A New Message to Tell Sid

When the UK government came to power in the summer of 2024, they updated their previously announced mission regarding economic growth to “Raising living standards in every part of the United Kingdom, so working people have more money in their pocket as we aim to deliver the highest sustained growth in the G7."
Rather than simply promising a growing economy, they were clear that they wanted individuals to directly feel the benefit of that growth. Greater share ownership does this by giving individuals and households the ability to take a stake in growing companies and directly gain from the part they play in wider macroeconomic progress.
Mass campaigns to encourage wider share ownership have been undertaken at various points in history to connect individuals with the economy. By facilitating the purchase of shares in public companies, capital markets have long allowed individuals to share in the success of companies whose products they buy, and who employ them and their families.
As part of Barclays’ recent report on ‘Empowering retail savers to engage with investing', we made some observations on the different attitudes of potential investors versus those already investing. We found that potential investors were much less engaged than existing investors by concepts such as tax incentives as a reason to start investing. When we tested different messaging material, they engaged more with messages that highlighted that investing was simple and accessible - reflecting their perception that currently it was neither of those things.
As a result, we decided the matter needed further exploration so set ourselves the question 'What is needed to make a mass investing campaign effective in creating an engaged, investing public?' The result is a new report, 'A New Message to Tell Sid'.
Three historic mass investing campaigns
This report explores what is needed to make a mass investing campaign effective in creating an engaged, investing public, and looks, in details at three historic mass retail investing campaigns:
- ‘Own your Share of American business’ – USA, 1954- 1969
- ‘Tell Sid’ - Privatisation of British Gas - UK, 1986
- Voucher Privatization - Czech Republic, 1991-1993
Based on these case studies we conclude that mass investing campaigns can be effective at engaging the public in investing, particularly when it takes place over a sustained time period, industry is involved in orchestrating the campaign and when there is a strong financial education component. However, we also found that where financial incentives were included in campaigns while privatising government assets, they did not result in the creation of a long-term investment culture.
In order to relate these concepts back to the contemporary UK population, in December 2024 and January 2025, we leveraged a quantitative survey of YouGov’s ‘Catalyst’ audience to explore potential levers – both financial and non-financial – that would motivate this audience to buy shares.
The findings of the survey, along with analysis of each campaign, are explored in the full report. Based on its insights, we were able to make a series of recommendations to government on how they could run a mass investing campaign that could be effective in mobilising savers to become investors and feel a personal stake in a growing UK economy.
Our policy recommendations
Policy recommendation 1
Government should launch a mass market campaign designed to run over at least a 5 year period, to support first-time investors based around the implementation of the Advice Guidance Boundary Review.
Policy recommendation 2
The mass market campaign should support individual investors in a practical way by directing them to our proposed badged entry-level investment product.
Policy recommendation 3
The mass investing campaign should be developed between both public and private sector actors to maximise its reach and effect.
Policy recommendation 4
The government and the FCA should centrally design messaging that highlights the benefits of investing and provide confidence that it is compliant with the financial promotions regime.
Policy recommendation 5
he government should review where public messaging warns about the risk associated with investing to ensure that the benefits are also cited.
About the author
Barclays’ Group Policy Development team creates public policy thought leadership content on behalf of Barclays. Our work draws on the bank’s expertise, data, and insights, and is intended to inform the design and application of public policy solutions in response to pressing economic and societal challenges.
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