Barclays chief executive of private bank and wealth management Sasha Wiggins has been named as the chair of the UK’s new retail investment campaign.
The campaign was announced by the chancellor as part of the Leeds Reforms.
The nationwide campaign will raise awareness about the importance of investing for people’s future financial wellbeing and the value it brings to the economy.
The campaign is expected to run across several years with the aim of encouraging those who can to become investors.
Wiggins will lead the campaign and Investment Association (IA) CEO Chris Cummings will act as deputy chair.
The industry-funded initiative is being supported by the Treasury, the Financial Conduct Authority and Money and Pensions Service, with the IA acting as secretariat.
Wiggins said: “I am extremely pleased to chair this important initiative, which will help more people in the UK understand the benefits of investing.
“For too long, the UK has had the lowest level of retail investing among G7 countries – and significantly lower levels than we saw in the UK two decades ago.
“This campaign will help make investing an everyday reality for more people. By increasing awareness, the campaign will aim to empower individuals to make informed financial decisions that will contribute to their future wellbeing.”
Cummings added: “Sasha’s extensive expertise within the banking and wealth management sector and her commitment to enabling people to achieve their financial goals makes her exceptionally well-placed to chair this campaign.
“I look forward to working with Sasha and the Steering Group, as its deputy chair, to deliver an engaging and creative campaign that really moves the dial to get more people investing.
“The IA has long championed the need for a culture of inclusive investment and I’m proud to take this work forward.”
Chancellor Rachel Reeves said: “Too often a lack of information and support puts people off investing, and benefiting from growth in our economy.
“Sasha’s expertise will help bring this campaign to life, break down barriers to investing and help savers’ money work harder for them – putting more money in their pockets as part of our Plan for Change.”
Speaking at the IA conference earlier this year in June, Wiggins said two-thirds of people in the UK believe the word ‘risk’ attached to an investment means they will lose all their money.
Wiggins said the UK urgently needs to re-educate people about the true meaning of investment risk.
“Risk culture in the UK will not change without this,” she said.
