WASHINGTON–With the American personal savings rate at its lowest level since the U.S. financial crisis in 2008 at just 6% of disposable income, America Saves
Week and Military Saves Week will kick off Feb. 25.
The goal of raising personal savings rates is the objective of both initiatives, which are being supported by more than 1,500 banks, credit unions, nonprofits and other institutions, including the FDIC, the Social Security Administration, Fidelity and the Department of Defense.
“This savings crisis is putting Americans’ future financial security at risk,” said George Barany, director of America Saves. “We know stagnating wages and increasing costs make it hard for many Americans to make it from one paycheck to the next, let alone save for the future. But America Saves Week provides tools to help.”
America Saves Week encourages Americans to “take the pledge” to save, identify a savings goal such as college tuition, a car, or emergency fund, then create a plan to reach it. Military Saves Week promotes the same plan for active duty U.S. service members who have a unique set of financial challenges. Numerous activities and services are offered by over 1,500 participating organizations to encourage people to start or increase their saving, including incentivized savings accounts, encouraging the use of direct deposit and split deposits to save automatically, financial counseling and social media encouragement, the organization said.
“The secret to saving is simple,” said Barany. “People with a plan to save are twice as likely to save successfully. Whether you are saving for a rainy day, your retirement, education, or another goal, America Saves Week is the perfect opportunity to set your savings goal, make a plan, and learn how to save the most effective way—automatically.”