America Saves Week and Military Saves Week are February 26-March 3, 2018
For Immediate Release: February 26, 2018
Contact: Madeline Daniels, America Saves, (202) 939-1002
WASHINGTON – Over 1,550 organizations across the United States and military-affiliated groups around the world are promoting personal savings and encouraging Americans to assess their savings status from February 26-March 3, 2018 as part of America Saves Week.
“The secret to saving successfully is surprisingly simple,” said Madeline Daniels, spokesperson for America Saves. “People with a plan to save are twice as likely to save successfully. Whether you are saving for a rainy day, your retirement, education, or another goal, America Saves Week is the perfect opportunity to set your savings goal, make a plan, and learn how to save the most effective way—automatically.”
“Individuals today hear many messages about spending, so it is critical to have programs such as America Saves Week that focus on saving,” said Employee Benefit Research Institute president and chief executive officer Lori Lucas. “As the education arm of the Employee Benefit Research Institute, it is ASEC’s mission to help inform and educate individuals on the steps they can take to save for their long-term financial security, and America Saves Week is an important part of that work.”
America Saves Week is coordinated by America Saves and the American Savings Education Council (ASEC). Started in 2007, America Saves Week is an annual opportunity for organizations to promote good savings behavior. Participating groups include military installations; nonprofit organizations; banks and credit unions; academic institutions; local, state, and federal government agencies; and employers.
Outreach to Americans throughout the week will focus on these daily themes:
- Monday, February 26: Save with a plan
- Tuesday, February 27: Save the easy way, automatically
- Wednesday, February 28: Save for rainy days
- Thursday, March 1: Save to retire
- Friday, March 2: Save the extra
- Saturday, March 3: Save as a family
“During America Saves Week, financial institutions and their community partners collaborate to help people of all ages develop and achieve savings goals,” said Martin J. Gruenberg, FDIC Chairman. “Small steps in building a savings habit can make a big difference over time.”
“The OCC is pleased to support America Saves Week,” said Joseph Otting, Comptroller of the Currency. “Throughout my career and personal life, I’ve understood that a savings account and the discipline to save are part of the foundation of our financial stability. During America Saves Week, national banks and federal savings associations can educate their customers about savings, setting financial goals, and how to achieve those goals. It’s easier than ever to save. Banks and savings associations can provide accessible, easy-to-use tools that empower consumers to grow their savings, letting consumers bank in the ways most convenient to them—at a nearby ATM or a local branch or using online and mobile banking applications on their phones or computers. Increasing consumer awareness about the importance of savings and continuing to make it easier to save can yield positive outcomes for our nation’s banks and the consumers and communities they serve.”
“It’s important for Boston residents to know that it’s never too late to start saving for the future,” said City of Boston mayor Martin J. Walsh. “America Saves Week is a great opportunity to take advantage of the many financial education and financial empowerment opportunities the City of Boston provides to help make saving more manageable.”
”It is an honor for the Internal Revenue Service to partner with America Saves to help expand financial education and awareness across America,” said Frank Nolden, director of the U.S. Internal Revenue Service’s Stakeholder Partnerships, Education and Communication (SPEC). “With the current tax filing season upon us this is a perfect time for individuals to explore ways they can save a portion of their tax refund. Three easy ways people can save is to choose to direct deposit all or part of their tax refund into a retirement savings account, a regular savings account or purchase U.S. Savings Bonds when filing their tax return. All are safe, easy and smart ways to save.”
“Saving and budgeting are core to achieving long-term financial security,” said April Schneider, deposits executive at Bank of America. “Bank of America is proud to partner with America Saves Week to spotlight the importance of saving – not only this week but year round.”
“Invite Education is thrilled to support America Saves Week to help focus attention on the importance of saving for education, said John Hupalo, founder and chief executive officer of Invite Education. “Generally, saving a dollar today is better than borrowing one tomorrow, but it is particularly relevant for education where emotional decision-making too often trumps basic financial literacy principles. It’s an honor to coordinate the work of so many others who share our passion and mission of assisting families achieve their dreams of college.”
Military Saves Week
Military Saves, an America Saves campaign and partner of the U.S. Department of Defense’s Financial Readiness Campaign, coordinates the Military Saves Week component of America Saves Week.
“Military Saves Week is the perfect opportunity for service members and their families to hit the pause button on their busy lives, assess their savings status and take action, which is critical to their financial readiness,” said Alecia Blair, director of Military Saves, AFC® Candidate, and FINRA Foundation Fellow. “And financial readiness is key to the mission readiness of service members and the resiliency of military families.”
More than 500 military installations and military-affiliated organizations around the world are participating in Military Saves Week 2018 to encourage U.S. service members and their families to set a savings goal, make a savings plan, and save automatically.
“Savings are the foundation of successful money management and a key to financial independence,” said Bud Schneeweis, associate director of the FINRA Investor Education Foundation. “Taking the Military Saves pledge can be a great first step on the path to financial readiness.”
Retirement savings outreach to U.S. service members is especially critical in 2018 because the U.S. Department of Defense rolled out its new Blended Retirement System (BRS) on January 1, 2018. Eligible service members must decide by the end of the year if they will remain in the legacy retirement system or enroll into the Blended Retirement System.
Currently, 81 percent of active service members leave the military with no retirement benefits. The new BRS will ensure nearly 85 percent of service members will receive retirement benefits.
America Saves Week and Military Saves Week Events
Groups participating in America Saves Week and Military Saves Week each decide how they will encourage members of their community to take action to save. Many participating banks and credit unions offer limited-time promotional incentives for opening or adding to savings accounts, certificates of deposit, or share certificates.
Dozens of participating organizations are hosting nationwide and local events, including social media chats, educational webinars, saving and personal finance workshops, and more.
To incentivize savings during America Saves Week 2018, America Saves is once again offering its annual #ImSavingForSweepstakes.
To enter, savers must create a simple savings plan by taking the America Saves Pledge for their chance to win $500. Entrants can then share their savings goal, story, or tip on Facebook, Twitter, or Instagram for a chance to boost their potential prize up to $750.
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About America Saves
America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Nonprofit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org.
About Military Saves
Military Saves, a component of the America Saves campaign and a partner in the Department of Defense’s Financial Readiness Campaign, seeks to motivate, support, and encourage military families to save money, reduce debt, and build wealth. Learn more at militarysaves.org.
About American Savings Education Council
ASEC, a program of the Employee Benefit Research Institute Education and Research Fund (EBRI-ERF), is a nonprofit national coalition of public- and private-sector organizations committed to making retirement planning and saving a priority for all Americans. Learn more at choosetosave.org/asec.