America Saves Week
Americans across the country suffer from a lack of savings. In fact, a 2012 survey found that 51 percent of Americans do not have extra funds (not including lines of credit) available to pay for an unexpected expense of $1,000. Consider these facts:
- The average employee spends 28 hours each month worried about, calculating or stressing over finances, which costs employees $5,000 a year in lost productivity.
- 21% of Americans – 38 percent of those with incomes below $25,000 – think that winning the lottery represents the most practical way for them to accumulate several hundred thousand dollars.
- 7 in 10 workers now say they are behind schedule in planning and saving for retirement.
- One-third of workers and retirees say they had to dip into savings to pay for basic expenses in 2011.
To address the situation of America's lack of savings, America Saves is holding its annual America Saves Week on Feb. 25-March 2. Started in 2007, this week is an annual opportunity for organizations to promote good savings behavior and encourage individuals to assess their own saving status. By participating in this initiative, Minnesota credit unions demonstrate their commitment to helping members reach their financial goals.
America Saves Week provides financial institutions the opportunity to provide individuals tools to strengthen and increase their savings habits. Credit unions are encouraged to use America Saves Week to attract new members, offer incentivized accounts to help people save, increase account balances, and educate individuals on the importance of saving.
America Saves Week Flyer for Financial Institutions
America Saves Week opportunities
America Saves Week is an opportunity for credit unions to make an impact on their local communities. During the week, credit unions can:
- Offer incentives for people to open or add money to their accounts during the week.
- Establish goals for new accounts opened, new deposits, increased balances, new automatic savings sign-ups, new IRAs, CDs, and other savings and investment opportunities.
- Encourage customers, members, and employees to join America Saves.
Through their participation in America Saves Week, financial institutions reported the following results:
- Navy Federal Credit Union reported a 73 percent increase in Custom Club take up during Military Saves Week promotions compared to the two months prior.(Source: America Saves Week 2012 Report)
- Financial Institutions reached nearly 270,000 people with savings messages through tax sites and events during America Saves Week 2012.(Source: America Saves Week 2012 Report)
- About one-third of financial institutions surveyed reported they had an increase in the number of accounts opened during America Saves Week 2011, showing that participation benefits consumers and is good for business. (Source: America Saves Week 2011 Report)
To help credit unions participate and promote America Saves Week, the program offers a toolkit full of marketing materials and resources, including:
- Outreach Ideas
- Flyers, posters and payroll stuffers;
- Logos, web buttons and banners;
- Digital and social media kit;
- QR Codes;
- Sample press release;
- Sample proclamation;
- Sample articles; and
- PowerPoint presentations.
To access these materials, visit the America Saves Week website.
Ready to Help Others Save?
If your credit union is ready to be part of this important initiative, follow the steps below:
- Sign Up: Visit the America Saves Week website to register your credit union for this program
- Download Participation Kit: Access materials that walk your credit union through the steps to take to participate in America Saves Week
- Download Materials: Download an abundant number of marketing resources to help you promote America Saves Week to members and the community.
With questions about America Saves Week, contact America Saves by email or at (202) 387-6121.