America Saves Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
The personal savings rate is near zero, most Americans are not saving adequately for retirement, and most lower-income households do not have adequate emergency savings for unexpected expenditures like a car repair. But with more societal encouragement and support, more Americans will be persuaded to build wealth, not debt.
During America Saves Week, hundreds of organizations join together to encourage savings. During the week, individuals are encouraged and assisted to assess their savings progress and take action to advance this progress.
- Employers encourage and make it easier for employees to participate in savings and retirement programs.
- Banks and credit unions promote automatic transfers from checking to savings and investments.
- Mortgage lenders help consumers attain homeownership by saving the down payment on a first mortgage loan.
- Nonprofits promote savings programs such as individual development accounts.
- Financial educators discuss savings opportunities such as automatic deposits and the “miracle” of interest compounding.
- The media report and editorialize about personal savings activities and the activities of the Week.
- Individuals take action to save more effectively and encourage family and friends to do the same.