How Employers Can Participate in America Saves Week

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About America Saves Week and how employers can participate.

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How Employers Can Participate in America Saves Week

  1. 1. How Employers Can Participate in America Saves Week
  2. 2. About Us America Saves is a national social marketing campaign that seeks to motivate and support low- To moderate-income households to save and build wealth. Consumer Federation of America was founded in 1968. It is an association of more than 300 nonprofit pro consumer groups including Consumers Union, AARP, credit unions, housing co-ops, and grassroots organizations.
  3. 3. America Saves • Support the organizing of a wide range of stakeholders and service providers to positively impact their constituents in 45 states with now more than 300,000 people enrolled • Provide materials, resources, website, data base and infrastructure to support the organizational effort and to individual savers • Work with financial institutions to provide no fee and low opening balance savings accounts • Organize America Saves Week, the last week in February, as a national call to positive financial action How America Saves Encourages Saving
  4. 4. America Saves Surveys of Savers  Savers who joined America Saves in 2011 reported saving $7,000* since joining America Saves.  Savers of all income levels reported being able to save – including savers making less than $25,000 who reported saving $152* since joining America Saves.  The most important saving goals for savers include: Emergency Fund, Retirement, and Debt Repayment.  Savers tell us that since they joined America Saves they feel more hopeful about their financial situation, and they are managing their money and debt better. * Median Amount Saved
  5. 5. Benefit to You • Employees more focused on work • Reduction of payroll issues such as garnishment and payroll advances • Employee appreciation, retention, and stability
  6. 6. My Goal • The financial situation of many Americans • Importance saving at work plays • Opportunities to promote saving at work • How you can use America Saves Week to motivate employees to save
  7. 7. State of Savings Only 5 out of 10 American households have a savings plan with specific goals Only 4 out of 10 American households have a spending plan that allows sufficient saving CFA Report: 7th Annual Savings Survey Reveals Persistence of Financial Challenges Facing Most Americans (2/24/2014)
  8. 8. State of Savings
  9. 9. State of Savings
  10. 10. State of Savings
  11. 11. Almost Everyone Can Save Set A Goal – more likely to succeed Make A Plan – twice more likely to succeed than those who do not* Save Automatically – pay yourself first Source: CFA Annual Savings Survey February 17, 2012
  12. 12. Saving Automatically
  13. 13. Saving Automatically
  14. 14. Opportunity To Save At Work • That’s where we get our paycheck and access to direct deposit: – 85% of employees in U.S. participate in direct deposit • With direct deposit we can allocate a % to savings: – Of that 85%, only 18% utilize split pay • And we can make it automatic: – 85% of split pay users say it is helping them to save – Most common use for split deposits (83%) is for an emergency fund
  15. 15. Benefits to Your Audience • Opportunity to participate in the best saving strategy • Opportunity to build up emergency and short term savings needs • Opportunity to reduce reliance on high cost credit • Opportunity to develop effective relationship with financial institution
  16. 16. Benefit to You • Employees more focused on work • Reduction of payroll issues such as garnishment and payroll advances • Employee appreciation, retention, and stability
  17. 17. How Employees Can Save at Work • Save through direct deposit into a savings account • Save automatically into a 401(K) or other work-sponsored retirement plan
  18. 18. • Co-coordinated by America Saves and the American Savings Education Council. • An annual opportunity for Americans to assess their financial condition and goals • A dedicated time for financial action • A time for organizations and institutions to emphasize Saving America Saves Week
  19. 19. • Co-coordinated by America Saves and the American Savings Education Council. • An annual opportunity for Americans to assess their financial condition and goals • A dedicated time for financial action • A time for organizations and institutions to emphasize Saving America Saves Week February 22 – 27, 2016
  20. 20. 5 Steps to Participation 1. Sign Up 2. Plan Activities &Download Marketing Materials 3. Integrate the Pledge
  21. 21. STEP 1: Sign Up • Sign Up at AmericaSavesWeek.org BENEFITS: • Listed as a participating organization • Receive helpful emails and reminders from America Saves • Receive the participation badge for website and materials
  22. 22. STEP 2: Plan Activities • Encourage employees to add or increase the amount they save to work-sponsored retirement plans • Encourage employees to utilize split deposit to put a portion of their pay into a savings account
  23. 23. STEP 2: Plan Activities • Send direct emails • Host a workshop • Hang posters and flyers
  24. 24. STEP 3: Download Materials 1. Flyers, Poster, & Payroll Stuffers 2. Logos, Web Buttons, and Banners 3. Social Media Kit 4. Sample Newsletter, Email, and Blog Content 5. PowerPoint Presentations STEP 2: Download Materials
  25. 25. Social Media Content Contains: – 4 Weeks of content to post on Twitter and Facebook – Sample newsletter/blog content – 5 days of ASW emails – America Saves QR code Content available in early January – Sign up to participate to be notified as soon as it becomes available.
  26. 26. STEP 4: Integrate the Pledge I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same.
  27. 27. Text Message Tips and Reminders
  28. 28. America Saves Week Employer Activities • Microsoft Benefits - reached out to more than 50,000 employees in the U.S. with personalized emails highlighting the most important next step needed to maximize their 401(k) savings and improve their financial wellness. These personalized messages drove 2x higher results compared to previous campaigns. • American Express - "challenged" employees to take the "1% Challenge" to save anywhere-retirement, emergency fund, college, fun, car, vacation, etc. We offered tools and resources to help them do that.
  29. 29. America Saves Week Employer Activities • Firelands Federal Credit Union focused on educating their staff on their pension and 401K benefits. They had very high participation from employees opening or increasing their 401K contribution, as well as increasing a payroll deduction to any savings account. Employees could earn points based on reading educational material, or other ways of participating. They "bought" prizes with the points they earned. • WorldatWork, an association of human resource professionals, offered one-on-one financial counseling to employees and promoted the week in publications and on its website, which are read by more than 30,000 employees and customers.
  30. 30. America Saves Week Employer Activities • MetLife, a large plan sponsor, used American Saves Week to encourage their employees to save a portion of their annual incentive pay. • The Boeing company newsletter, which reaches 156,000 employees, announced America Saves Week and included a link to AmericaSavesWeek.org.
  31. 31. Bottom Line  The savings message, resources, and opportunity to save can support your participation in America Saves Week.  Your customers, members, and employees will benefit from participation in America Saves Week 2015, February 22 – February 27, 2016.  Sign Up TODAY as a participating organization at AmericaSavesWeek.org

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