FOR IMMEDIATE RELEASE
Contact: Kia Young, 202-387-6121
February 20, 2020
OVER 1200 ORGANIZATIONS TO SPOTLIGHT AUTOMATIC SAVINGS AND ENCOURAGE SAVING DURING AMERICA SAVES WEEK
Washington, D.C. – This year’s America Saves Week will take place February 24 – 29. The annual campaign has been a time-honored and popular tradition since 2007 and serves as a call to action for everyday Americans to commit to saving successfully.
Over 1200 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.”
America Saves and its partners, like the FDIC, the Social Security Administration, Bank of America, Prudential, and AARP, 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.
“Saving is the foundation of financial health for our nation’s individuals and families,” said Christian Bohmfalk, Savings Executive at Bank of America. “We are proud to fortify that foundation in a variety of ways, including working closely with America Saves in addition to offering our own financial education platform and creating unique savings solutions.”
This past fall, America Saves Week 2020 was preluded during the America Saves Summit: Attacking the Savings Crisis. Industry leaders and representatives in attendance shared stories and ideas that inspired public commitments from financial institutions and prominent organizations to reach over 6 million Americans in 2020 with a message of saving automatically.
Those commitments will be reinforced during America Saves Week 2020.
The organizations that made a public commitment include BlackRock, USAA, Zeiders Enterprises, JP Morgan & Chase, FDIC, National Disability Institute (NDI), Navy Federal Credit Union, National Association of Federally Insured Credit Unions (NAFCU), Funding our Future, Association for Financial Counseling and Planning Education (AFCPE), and National Foundation for Credit Counseling (NFCC).
“America Saves Week is that one time of year when we encourage all Americans to check in on their finances, take positive actions to help establish financial stability, and pay yourself first through automatic savings,” Barany concluded.
Learn more about America Saves Week.
America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more atamericasaves.org.