MADISON, Wis. – With a focus that includes employers, the Wisconsin Department of Financial Institutions said it has joined with a broad coalition of Wisconsin organizations statewide to launch the Wisconsin Saves Automatic Saving Initiative, which is designed to encourage millions of Wisconsinites to establish emergency savings accounts through automated saving.
The DFI said the effort is being led by DFI Secretary Kathy Blumenfeld, Wisconsin State Treasurer Sarah Godlewski, Wisconsin State Bankers Association President and CEO Rose Oswold Poels, Wisconsin Women’s Business Initiative Corp. President Wendy Bauman, and America Saves, the national campaign that promotes savings.
“Many Wisconsinites experienced economic hardship as a result of the COVID-19 pandemic,” said DFI Secretary Blumenfeld. “Our goal with Wisconsin Saves is to make sure more residents are financially prepared for those small and large emergencies that we all know will happen from time to time.”
‘A Positive Impact’
According to organizers, the initiative recognizes many individuals were not fully prepared for the lasting economic impacts of the COVID-19 pandemic, and as a result Wisconsin Saves focuses on the role of employers in promoting the importance of saving for emergencies to their employees.
“Working with employers we know we can have a positive impact on the financial lives of Wisconsin residents,” said State Treasurer Godlewski. “Helping employees save in the short-term enables them to build a more secure tomorrow and create a more productive workforce.”
Employers Offered Resources
The campaign encourages small- and medium-sized employers to promote to their employees the ease and benefits of saving automatically for emergencies through split deposit.
Employers in all industries and locations in the state can sign up at AutoSave.WisconsinSaves.org. Participating employers will receive free resources to support their communication efforts and be included in statewide recognition.
“By involving employers in Wisconsin Saves, the number of Wisconsinites with emergency savings will increase and more people will be able to manage financial hardships, whether it be a minor setback or a shock of pandemic proportions,” the organization said.