Integrating the America Saves Pledge into required classes and orientations is a great way to get students thinking about the importance of saving and to develop a savings goal and plan.
How To Do It
Take 10 minutes out of a class or orientation to encourage and motivate students to save by:
– Showing these videos at your event:
— Encouraging students to take the America Saves Pledge (offering extra credit is a great motivator!)
Benefits to Your School
In addition to motivating students to become better savers, if you use one of our trackable Pledge forms America Saves can give you aggregate information about the students who take the Pledge, including a total dollar amount committed.
How One Teacher Implements the Pledge
Ball State University Professor Daniel H. Boylan has encouraged over 2,000 students to choose a savings goal and create a plan to achieve their goal as part of a Ball State University mandatory personal finance class. By pledging to save these students create a financial habit of saving and not spending – preparing them for the realities they will encounter when they graduate and setting them up to be better prepared to save once they are fully employed.
Boylan included the America Saves Pledge as part of his class starting in December 2013 to connect what students learn in the classroom to the outside world. “I want students to see that personal finance and saving is an important part of life – a part to help them live better,” said Boylan. Through the class students learn about important financial terms and strategies including insurance, stocks and other investments, retirement, buying a house and car, and budgets. Boylan offered students extra credit to encourage them to create a plan and set savings goals through the America Saves pledge.
Through March 2014, 2,296 students have pledged to save $11,194,794.00 through Boylan’s class. Top goals include saving for Education (25%), Vacation (18%), Special Event (11%), Emergency Fund (10%), and Debt Repayment (7%).
When students take the America Saves Pledge, they set up a savings plan by choosing a savings goal, an amount to save monthly, and an amount of time to save for. They also have the option to receive emails and goal-based text message tips and reminders to support their savings. “Setting up a simple savings plan has benefits for students,” said George Barany, America Saves Financial Education Director. “Studies show that those who make a plan are twice as likely to spend less than they earn and save the difference, have sufficient emergency savings, and be saving enough for retirement.”
Student Success Stories
“With America Saves I have pledged to save $100 each month,” said Matthew Cade. “It has inspired me to save $100 a month until I pass on to my grandchildren the opportunity to go to college.”
“America Saves helped me recognize how much money I could save if I just set aside a particular amount every month,” said Tiffani Reid.
“America Saves helped me put my finances in order,” said Kendal Reed. “It allows me to see the commitment I should have with saving money.”
“America Saves put into perspective my spending habits,” said Alex Bech. “I know now that being aware of those habits is important with my future financial success.”
“Participating in America Saves has helped me to set a goal not only for how much to save but what to save it for,” said Samantha Morris.
“By signing up for America Saves, I made an agreement with myself to cut back on surplus spending.” said Megan Holder. “By having it in writing, it is harder to default on my agreement.”
Boylan is encouraged by the reaction of his students and their commitments to save. “I am planning to continue to encourage students to do their best – not just in the classroom but in life. I feel America Saves is part of that lesson,” said Boylan.