WASHINGTON–America Saves Week will take place this week.
The annual campaign has been in place since 2007 and serves as a call to action for everyday Americans to commit to saving successfully, said America Saves, which oversees the effort.
America Saves said more than 1,200 “extraordinarily diverse organizations”— including government, financial institutions, private sector, academia, military, and nonprofits — are joining in a national conversation to encourage their communities to do a 'gut-check' on their finances and saving behaviors.
“Americans are in the midst of a savings crisis with more than 50% of us living paycheck to paycheck,” says George Barany, director of America Saves. “Having some emergency savings can make a significant difference in one's quality of life. Unfortunately, many people are not told about the most effective way to save, and that's making saving automatic.”
Attacking the ‘Crisis’
America Saves said it and its partners are committed to attacking the savings crisis head on. Throughout the week, the joint initiative will give resources, tools, and tips to motivate individuals to build or increase their personal savings, and to do it the easiest and most effective way possible, which is automatically.
Organizations that have made a public commitment include BlackRock, USAA, Zeiders Enterprises, JP Morgan & Chase, FDIC, National Disability Institute (NDI), Navy Federal Credit Union, NAFCU, Funding our Future, Association for Financial Counseling and Planning Education (AFCPE), and National Foundation for Credit Counseling (NFCC).
What 1 CU is Doing
Among the credit unions that will be participating in America Saves Week is Jacksonville, Fla.-based Jax FCU.
Jax Federal said it will be celebrating at all nine of its Northeast Florida branches by waiving the $5 membership fee and depositing $5 to establish a savings account. Existing members will be encouraged to enroll in automatic savings programs designed to help them achieve their individual savings goals. Additionally, the credit union will encourage members to explore products and services linked to daily themes throughout the week, such as:
- Monday, Feb. 24: Save automatically with Money Market accounts
- Tuesday, Feb. 25: Save with a plan by opening a Holiday Savings account
- Wednesday, Feb. 26: Save for the unexpected with You-Name-It savings
- Thursday, Feb. 27: Save to retire by contributing to an IRA
- Friday, Feb. 28: Save by reducing debt with a Visa Balance Transfer
- Saturday, Feb. 29: Save as a family with Teen accounts
A First Step
“Establishing a savings plan is the first step to establishing financial security — and it’s never too late to start,” said CEO Joe Nowland. “Jax Federal Credit Union is proud to participate in America Saves Week as a way to encourage and empower our members in their journey to achieving their unique financial goals, from starting an emergency savings account to saving for retirement.”
Jax FCU said it offers several free savings account programs, including general savings, “You-Name-It” savings, holiday savings, youth savings and business savings.