America Saves 2011 in New Mexico


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An introduction to the America Saves porgram

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  • Slow U.S. economic growth: GDP growth < 2%Low single-digit average annual stock returnsStubbornly high unemployment levels: 9.1%Precarious job security (public and private sector)Youth, <25: 24%College debt --- Next financial crisis waveTightened credit standards Declining asset values (e.g., housing)Increased precautionary household savings and debt repaymentDecreased household spending
  • We work with our partners to deliver these key messages to individuals: Open a saving account, or other wealth building product. Having a dedicated savings account helps keep your savings separate from money for day-to-day expenses. Save automatically. The most successful savers arrange to have a portion of their paycheck automatically withheld and transferred to a savings or retirement account. Set aside money for an emergency fund. Unexpected expenses like a car repair or trip to the emergency room can turn into financial nightmares, but by setting aside as little as $500, you can weather these difficulties without resorting to short term, high-cost and high-risk loans.Highest concentration of predatory lending stores tend to be in smaller cities and cities with high minorities and/or high poverty rate concentrations such as Gallup (880), Grants (881), andFarmington (1,647), which collectively represent six times the rate in the rest of New Mexico in2000.
  • Using the principles of social marketing, the development of a community-based America Saves campaign is a “partnership” between the local organization(s) and the national America Saves team. The campaign encourages good saving behavior throughout the community and motivates and supports individuals and families to save money, reduce debt, and build wealth. America Saves campaigns play a key role in creating a culture of saving that focuses on financial actionby: Promoting savings throughout the community through appropriate messaging, outreach, opportunities, and support. Expanding the America Saves local campaign brand by using common messages, graphics, and marketing material.Campaigns will clearly identify themselves as a part of the national campaign by using America Saves-provided logo and tag lines.The savings messages need to be comprehensive so that individuals begin to think like a saver in all areas of their financial life. These messages need to promote lifelong saving strategies and be based on research provided by America Saves or other recognized savings experts.Campaigns will maintain a campaign working group in a manner that is sustainable and beneficial for all participating organizations. Signing up individuals as members of the campaign.Signing up savers is a year-round effort with special emphasis put on America Saves Week. Campaigns will attempt to get feedback from savers about the campaign.Campaigns will recruit other organizations to help sign up savers.Savers will receive information about other asset-building opportunities such as savings bonds, IDAs, IRAs, and free tax preparation services. Participating in America Saves Week (ASW) on an annual basis.The campaigns will use resources provided by America Saves that encourage and facilitate participation in ASW such as media releases, social media material, national contacts, key messaging, national press conference, and research press release.Local campaigns will participate in the national America Saves Week, use ASW to recruit new partners, promote ASW on the local level, and provide feedback on local participation to America Saves. Working with financial institutions to provide savings accounts that support saving even small amounts on a regular basis.Campaigns will develop partnerships with local financial institutions to offer appropriate, accessible savings accounts and ensure that they market them.Local campaigns will work to ensure the availability of savings accounts with low opening ($25 or less) balances and no fee to support making automatic and direct deposits as the best strategy to build savings. To promote automatic savings, these accounts can be tied to a safe and appropriate checking account.Campaigns will provide Savers opportunities to use financial tools, America Saves resources, monthly communications, and opportunities to open or add to savings accounts. Serving as the local/region/state-wide presence of America Saves and becoming the recognized expert/authority on savings information, motivation, and opportunity.America Saves will provide resources that help position local campaigns as experts. Campaigns will distribute information about saving throughout the year including research and other messaging from America Saves.Campaigns will develop a media strategy to build awareness of campaign initiatives, content, and support.
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  • America Saves 2011 in New Mexico

    1. 1. America Saves® in NM:America Saves Week 2012 Fahzy Abdul-Rahman Centra Training September 15, 2011
    2. 2. Outline1. Introduction2. America Saves® Week3. NM Saves Effort4. Inputs & Discussion
    3. 3. NewEconomicNormal?
    4. 4. 1. IntroductionAmerica Saves is a national campaign that helpsindividuals save money and take positive financialaction.• Main goals: Help individuals of all income levels – save money and – build wealth, not debt• Launched 2001 in Cleveland• A Non-profit Consumer Federation of America (CFA) program. – CFA is comprised of over 270 consumer education, advocacy, and cooperative organizations
    5. 5. 2. America Saves® Week• Vs. America Saves® – Week- vs. Year-round activities• America Saves® Week – Activities: State capital proclamation, public serve announcement, media coverage, e-mail blasts, brochures, Chamber of Commerce Saves celebration, piggy bank decoration, coupon workshop, financial fair, university/company president speech, “plastic” surgery
    6. 6. The Idea• Individuals can join as a “Saver” with their – local campaign or at the America Saves website or – Paper-and-pencil enrolment.• Once signed up, they receive regular support, encouragement and advice from the campaign – American Saver newsletter, – the monthly e-Wealth Coach series, and – access to saving tips and advice
    7. 7.
    8. 8. Savers Form
    9. 9. The Idea: Action-Based• Open a saving account – or other wealth building product• Save automatically – Pay Yourself First (PYF)• Set aside money for an emergency fund – E.g. a car repair or trip to the emergency room – If none, Predatory Lending • Payday Lending: 390%
    10. 10. General Approach• Community-wide, for example, through local news coverage, radio ads, and transit posters;• Institutionally, for example, through employers, schools, churches, community groups, and financial institutions; and• Personally through relatives, friends, neighbors, and co-workers.
    11. 11. Common Strategy• Through appropriate messaging, outreach, opportunities, and support• Signing up individuals as members of the campaign• Participating in America Saves Week (ASW) on an annual basis• Working with financial institutions• Becoming the recognized expert on savings
    12. 12. What America Saves® Provide:• Printing of the basic brochure and possibly a poster.• The quarterly American Saver newsletter to all your Savers. – Mailing this if you so desire.• Evaluation: Maintenance of your data-base of Savers.• Your own web-site.• Opportunity to participate in the National Forum to Promote Lower-Income Household Savings• Advice
    13. 13. Example of Free Support ProvideBROCHURE
    14. 14. New Jersey Saves
    15. 15. New Jersey Saves
    16. 16. New Jersey Saves
    17. 17. 3. NM Saves Effort• Build from the existing networks: – With banks, CU, schools, churches, companies• Invite them to join on collaboration efforts – E-mail and article template provided• We’ll work from there – Media exposure: TV, radio, newspaper – Social Media Marketing
    18. 18.
    19. 19. In the Chat Box …• Please jolt down in the chat box: –Existing parties in your state/county networks who are very likely to get involved in NM Saves®• Please be specific• E.g. First light CU, Clayton HS, Lovington Worker’s Union
    20. 20. 4. Questions, Inputs, & Discussion
    21. 21. America Saves® in NM:America Saves Week 2012 Fahzy Abdul-Rahman Centra Training September 15, 2011