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How Employers Can Participate in America Saves Week

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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 America Saves America Saves, a research-based campaign using the principles of behavioral economics and social marketing to change behavior, motivates, encourages, and supports low-to moderate- income households to save money, reduce debt, and build wealth, and is managed by Consumer Federation of America. Consumer Federation of America was founded in 1968. It is an association of more than 250 nonprofit pro consumer groups including Consumers Union, AARP, credit unions, housing co-ops, and grassroots organizations.
  3. 3. America Saves • Supports the organizing of a wide range of stakeholders and service providers into local campaigns and through Military Saves to promote saving among their constituents with now more than 528,000 people who have pledged to save • Provides materials, resources, website, database and infrastructure to support the organizational effort and for individual savers • Works with financial institutions to provide no fee and low opening balance savings accounts • Organizes 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 Survey of Savers • The most important saving goals for savers include: Emergency Fund, Retirement, and Debt Repayment. • 2X as many individuals are saving regularly since taking the pledge. • Savers of all income levels reported being able to save – including savers making less than $25,000 who reported $2,669*, $26,726*, and $2,905* in emergency, retirement, and non-retirement savings, respectively. • Savers say the America Saves pledge reminds them of their goal and the importance of saving money, and also gives them hope about their financial future. *Mean amount saved Survey administered June 24 – July 5, 2016
  5. 5. My Goal • The financial situation of many Americans • The important role saving at work plays • Opportunities to promote saving at work • How you can use America Saves Week to motivate employees to save
  6. 6. State of Savings CFA Report: Less Than Half of U.S. Households Report Good Savings Progress, According to Annual America Saves Week Survey (2/22/2016) Less than Half of U.S. Households Making Good Savings Progress
  7. 7. State of Savings CFA Report: Less Than Half of U.S. Households Report Good Savings Progress, According to Annual America Saves Week Survey (2/22/2016)
  8. 8. State of Savings CFA Report: Less Than Half of U.S. Households Report Good Savings Progress, According to Annual America Saves Week Survey (2/22/2016)
  9. 9. Almost Everyone Can Save Set A Goal – more likely to succeed Make A Plan – twice as likely to succeed than those who do not Save Automatically – pay yourself first
  10. 10. Saving Automatically Survey administered June 24 – July 5, 2016
  11. 11. Saving Automatically What Savers Tell America Saves They Save Automatically
  12. 12. Opportunity To Save At Work • That’s where we get our paycheck and access to direct deposit – 82% of employees in U.S. participate in direct deposit • With direct deposit we can allocate a % to savings • And we can make it automatic through a split deposit
  13. 13. Benefits to Your Employees Opportunity to: • participate in the best saving strategy • build up emergency and short-term savings • reduce reliance on high-cost credit • develop effective relationship with financial institution
  14. 14. Benefits to Employer • Employees more focused on work • Reduction of payroll issues such as garnishment and payroll advances • Employee appreciation, retention, and stability
  15. 15. 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
  16. 16. • 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 27 – March 4, 2017
  17. 17. 4 Steps to Participation 1. Sign Up 2. Plan Activities 3. Download Marketing Materials 4. Integrate the Pledge
  18. 18. 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
  19. 19. STEP 2: Plan Activities • Encourage employees to start contributing to or increase the amount they save in work-sponsored retirement plans • Encourage employees to use split deposit to put a portion of their pay into a savings account
  20. 20. STEP 2: Plan Activities • Send emails • Host a workshop • Hang posters and flyers
  21. 21. Download Materials 1. Flyers, Posters, & Payroll Stuffers 2. Logos, Web Buttons, and Banners 3. Digital and Social Media Kit 4. Sample Newsletter, Email, and Blog Content 5. PowerPoint Presentations STEP 3: Download Materials
  22. 22. STEP 3: Download Materials Digital and Social Media Kit contains: – 4 Weeks of content to post on Twitter and Facebook – Sample newsletter/blog content – 5 days of ASW emails – #imsavingfor photo contest Content available in early January – Sign up to participate to be notified as soon as it becomes available.
  23. 23. 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.
  24. 24. Text Message Tips and Reminders
  25. 25. 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 401K savings and improve their financial wellness. These personalized messages drove 2x higher results compared to previous campaigns. • American Express - urged employees to take the "1% Challenge" to save anywhere- retirement, emergency fund, college, car, vacation, etc., and offered tools and resources to help them do that.
  26. 26. 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, reaching more than 30,000 employees and customers.
  27. 27. America Saves Week Employer Activities • MetLife 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.
  28. 28. Bottom Line  Your employees will benefit from participation in America Saves Week 2017, February 27 – March 4.  America Saves provides a variety of resources to support your outreach to employees.  Sign Up TODAY as a participating organization at AmericaSavesWeek.org

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