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America Saves Week
Last Updated: February 28, 2017
The average American citizen has a hard time saving money. According to new studies:
- 28% of Americans have no emergency savings[1]
- 47% of Americans cannot afford an emergency expense of $400[2]
- Indebted households have an average credit card balance of $16,061[3]
- An average household pays $1,292 in credit card interest each year[4]
February is a perfect month to educate and motivate your employees because of “America Saves Week”. America Saves Week is a campaign that thousands of organizations partake in to promote healthy saving habits and try to help individuals plan for their future. Started in 2007, this research-based campaign was designed to change behavior. The campaign lasts February 27- March 4, 2017 and is coordinated by America Saves and the American Savings Educational Council. America Saves targets low- to moderate-income households to encourage them to save, eliminate debt, and build wealth. America Saves has some great material you can use to raise awareness and/or encourage financial action with your employees. They also have some online tools to help your employees get on track at www.choosetosave.com.
Many Americans do not realize they have options for their financial future. Without knowing their options, they will never set any goals. Without goals, they will never plan to reach those goals. Without planning, they will rarely find financial independence. With more support, more Americans will be persuaded to set goals and have plans in place to reach those goals. If you can get an employee to save just one more percent, it can have a huge positive impact on their future.
Are you helping employees make and reach their financial goals? Pension Consultants can help you improve the financial wellness of your firm. We can help raise awareness and educate your employees on financial issues that can be a struggle for most people. Contact a representative from our RetireAdvisers® team today at (800) 234-9584. Let’s work together to improve the financial security of American workers.
[1] http://www.bankrate.com/finance/consumer-index/financial-security-charts-0621.aspx, Bankrate.com
[2] https://www.federalreserve.gov/econresdata/2014-report-economic-well-being-us-households-201505.pdf
[3] https://www.nerdwallet.com/blog/average-credit-card-debt-household/
[4] https://www.nerdwallet.com/blog/average-credit-card-debt-household/
R170223-2
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