About America Saves Week
- America Saves Week (February 26 – March 3, 2018) is an annual event to increase awareness among institutions and individuals about the need to save money, reduce debt, and build wealth. The primary focus is financial action: Set a Goal. Make a Plan. Save Automatically.
- America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior to their employees, members, customers, students and constituents. It is also a chance for individuals to assess their own saving status.
- More than 1,300 non‐profit organizations, companies, government agencies, schools, youth groups, and religious institutions participate in America Saves Week, including almost 400 banks and credit unions.
- Past national partners have included: Department of Defense, IRS, Federal Reserve Bank, National Disability Institute, USDA’s National Institute of Food and Agriculture, and participating land‐grant university extension offices, FINRA Investor Education Foundation, Consumer Financial Protection Bureau, Social Security Administration, Association for Financial Counseling and Planning Education, United Way Worldwide, National Black Caucus of States Institute, Prosperity Now, Annie E. Casey Foundation, and Family, Career and Community Leaders of America (FCCLA).
What Can Organizations Do to Participate?
- The best savings products America Saves Week financial institution participants can provide are no or low fee, low opening balance savings accounts that allow even savers with little income to achieve success.
- America Saves Week participating organizations, institutions, and agencies are encouraged to identify measurable goals that can demonstrate impact. Each year, America Saves compiles these results in a annual report to illustrate progress in promoting saving. Organizational goals can include:
- Financial institutions – opening 1,000 new savings accounts targeted to branches in low and moderate income neighborhoods;
- Employers – increasing employee participation in a 401k program by 2%;
- Government agency – issuing proclamations, public endorsements, videos, and press releases.
Saving Strategies to Share with Individuals
- Set a goal, and make a plan by pledging to save. Those with a plan are twice as likely to spend less than they earn and save the difference.
- Make saving automatic. You can do this by having part of your paycheck deposited directly into your savings account, by transferring money from your checking to savings each month, or by saving a portion of your tax refund.
- There are three aspects that should be part of everyone’s savings plan: 1. Save for emergencies. Maintain emergency savings of $500 to $1,000 to meet unexpected financial challenges. 2. Reduce high-cost debt. Stop borrowing money, make a budget, figure out the most you can afford to pay each month to reduce your debts, and then make those payments without fail. 3. After paying down high-interest debt and saving at least $500 for emergencies – begin to save toward other goals like buying a car, retirement , and college.