This post is brought to you by America Saves, a campaign managed by the nonprofit Consumer Federation of America, which motivates, encourages, and supports low- to moderate-income households to save money, reduce debt, and build wealth. Celebrate America Saves Week, February 26 – March 3, 2018. Set a Goal. Make a Plan. Save Automatically.
White Sands Federal Credit Union is excited to be participating in America Saves Week again this year. 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 and a chance for individuals to assess their own saving status. Typically, thousands of organizations participate in the week, reaching millions of people.
Saving can be a tough task, but with the right tools and motivation you can build a great foundation. Saving shouldn’t be something you do every now and again, but should be a habit for all of us. Take the savings pledge with America Saves to help get you on the right path.
When someone takes the America Saves Pledge, they identify a savings goal (such as emergency fund or retirement), an amount to save per month, and the number of months they will save that amount. In other words, they make a basic savings plan. And those with a plan are more likely to spend less than they earn and save the difference than those without a plan.
A 2017 survey conducted by America Saves revealed that fewer than two-fifths (38%) of American households report good or excellent progress in meeting their savings needs, with over one-quarter (27%) indicating no progress at all. What’s more, American households in 2017 reported that
- 46% have savings plan with goal
- 48% save at least 5% of their income
- 23% do not save any of their income
- 65% have sufficient emergency savings
- 54% have sufficient retirement savings
- 46% save for retirement at work
- 40% automatic save outside work
With more societal encouragement and support, more Americans will be persuaded to Set a Goal. Make a Plan. Save Automatically. We will be sharing daily savings tips here and on Facebook during America Saves Week.