Tens of millions of Americans are one $6,000 debt away from financial ruin, as wages have failed to keep up with rising costs of living, leading to increased bankruptcy rates and a loss of trust in institutions.

The campaign is part of government initiative to boost financial risk taking, amid fears UK growth is being stymied

• Nils Pratley: the ‘Savvy Squirrel looks a hit too tame’

City firms are pinning their hopes on a government-endorsed advertising blitz fronted by a finance “savvy” CGI squirrel to encourage cautious British savers to shift out of cash and start investing.

The long-awaited retail investment campaign, which will cost up to £50m, is part of the chancellor Rachel Reeves’ nationwide push to encourage more financial risk taking, amid fears risk-averse consumers are losing out and ultimately stymying UK growth.

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© Photograph: James Speakman/PA

© Photograph: James Speakman/PA

© Photograph: James Speakman/PA