America Saves Week 2007, held during the last week in February, was the pilot for future America Saves Weeks. Nationally, the Federal Reserve Board, United Way, the Department of Defense, the National Foundation for Credit Counselors, Cooperative Extension, the Consumer Federation of America, and other organizations joined together at a press conference to announce the Week and release consumer survey findings on emergency savings needs. Both the event and survey received extensive press coverage.
During the Week, these organizations also organized their own savings activities. For example: the Department of Defense led efforts that resulted in 10,000 military personnel selecting savings goals and developing specific plans to achieve these goals. And 22 Cooperative Extension Services reached about 80,000 potential savers through workshops, roll your change events, piggy bank competitions, payroll stuffers, and electronic messages.
In addition, local savings coalitions in Cleveland, Philadelphia, and several other areas tested strategies that resulted in more than 10,000 people opening up new savings accounts. They were supported by banks and credit unions, which sometimes offered incentives such as higher yields on these accounts.