Financial SafetyWhat is America Saves Week?

February 17, 2022by Bailey Wealth Services

Underscoring the importance of saving successfully to achieve financial stability, the non-profit America Saves, an initiative of the Consumer Federation of America (CFA), is holding its 16th annual America Saves Week (ASW) event, February 21-25, 2022.

Comprised of more than 270 consumer education, advocacy, and cooperative members, the CFA is dedicated to educating consumers. ASW is the organization’s annual high-profile event, where they recommend that consumers perform a careful assessment of their finances and saving behaviors. “The America Saves pledge is the framework that allows savers to set a goal,” America Saves writes on its website, “and make a plan to achieve better financial stability.”

“Americans are in the midst of a savings crisis with more than 50% of us living paycheck to paycheck,” said George Barany, Director of America Saves, in a lead up to last year’s event. “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.”

Organizations can support ASW by becoming a participating organization, cross-marketing ASW to spread awareness of the event. “Once you’re a participating organization, it’s time to plan how your organization will show up for the week,” America Saves says. “The America Saves Week Digital Toolkit will provide done-for you social media graphics, resources and tools, sample emails, press releases, and more. Many participating organizations choose to create their own aligned content for the week, host events (both virtually and on location), and more.”

Last year, dozens of organizations made public commitments to the event, including 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).

 

This year’s ASW event is organized around the following daily themes:

  • Save Automatically (February 21, 2022): A day to encourage Americans to save automatically through direct deposit of a portion of their income into a savings account.
  • Save for the Unexpected (February 22, 2022 ): Emphasizes the importance of creating an emergency fund to support unexpected expenses, like a car repair or medical bill.
  • Save to Retire (February 23, 2022): Addresses the importance of establishing a retirement fund that has the potential to help you support your lifestyle expectations when you retire.
  • Save by Reducing Debt (February 24, 2022): Savings is not only about accumulating wealth; it’s also about decreasing debt. Today focuses on paying down your debt to strengthen your financial posture.
  • Save as a Family (February 25, 2022): You’re never too young to begin saving (or learning how to save). This day emphasizes ways to influence children to save money and adopt sensible spending habits.

Celebrate America Saves Week by taking positive actions to increase your savings and create a more secure financial future.

 

 

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