MADISON, Wis. (2/19/16)--Credit unions are ready to help their members make commitment to savings America Saves and Military Saves Week, Feb. 22-27.
The campaign, which is coordinated by the Consumer Federation of America and supported by the Credit Union National Association and the National Credit Union Foundation, is dedicated to helping individuals save money, reduce debt and build wealth.
Key themes of the week include saving automatically, assessing level of savings, saving for retirement or emergencies, saving tax refunds and paying off high-interest debt.
The National Credit Union Foundation hosted a Twitter chat Wednesday for credit unions to share best practices and examples of savings and asset-building programs.
“According to a recent study, 71% of Americans are spending less than their income and saving the difference, up from 68% in 2014,” said Christopher Morris, foundation director of communications. “This is a huge opportunity for credit unions to help their members improve their financial well-being, which is why the foundation is pleased to facilitate this discussion.”
“Instant gratification or putting wants before needs can wreak havoc on a savings account,” tweeted WESTconsin CU, Menomonie, Wis., during the event.
NerdWallet, the financial advice website, tweeted a link to three reasons why consumers should have an automatic savings plan:
Air Force FCU, San Antonio, is offering free financial-education tools and services for Military Saves Week to help military servicemembers and their families achieve their financial goals. In addition to the financial classes and workshops that Air Force FCU offers year-round, the credit union is offering financial workshops, a free webinar and e-book, Twitter chats and a credit building workshop.
LUSO FCU, Ludlow, Mass., is urging members to enroll in a retirement savings program during America Saves Week.