Kudos to Consumer Federation of America (CFA), the American Savings Education Council (ASEC), and the more than 1,800 nonprofit government and business organizations around the country that have collaborated to create the 10th annual America Saves Week.Â
The annual campaign uses principles of behavioral economics and social marketing to motivate, encourage, and support low-to moderate income families to save, reduce debt, and build wealth.
The groups are upping the ante this year by offering two $500 prizes. Using the hashtag, #Imsavingfor, individuals can submit a photo of themselves and their savings goal on the social media platform of their choice, and enter the contest by completing a form at AmericaSavesWeek.org/imsavingfor. Military service members and their families can sign up for goal-based text messages after they take the Military Saves Pledge at https://militarysaves.org/for-savers/savings-tools-and-resources/take-the-pledge.
“America Saves Week is the perfect opportunity for everyone to set a savings goal, make a savings plan, and save automatically,â€ says Nancy Register, director of America Saves. “The research clearly demonstrates that those with a plan are nearly two times as likely to spend less than they earn and save the difference, she adds.
Ahead of the campaign, America Saves surveyed more than 1,000 consumers and found that only 40% report good or excellent progress in meeting their savings needs.
In honor of America Saves Week, BE.com will be posting stories all week to help our audience with the challenging task of saving money and building wealth. We’ve got your back.