With the personal savings rate 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, individuals will be encouraged and assisted to assess their savings progress and take action to advance this progress. This encouragement and assistance will be provided by organizations and professionals with an interest in improving the financial security of individuals and families.
This year it will be observed from February 20 to February 27.
Some examples of assistance that will be offered are:
- 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.
- Financial educators discuss savings opportunities such as automatic deposits and the miracle of compound interest.
- Individuals take action to save more effectively and encourage family and friend to do the same.