As the summer youth employment season comes to a close, the America Saves for Young Workers (ASYW) program has engaged almost 61,000 young people ages 16 to 22 in learning to set goals and save automatically through direct deposit. This is the largest number of young participants in the program’s history.
As of July, participants in the program had already pledged to save nearly $37,100,000.
America Saves for Young Workers, an initiative of America Saves, partnered with 29 summer youth employment programs across the country to offer its free program that teaches young workers how to start a savings habit early in their careers and save automatically through direct deposit.
America Saves is a national campaign of the nonprofit Consumer Federation of America to motivate people to set a goal, make a plan and save automatically. Using the research-based principles of social marketing and behavioral economics, the campaign supports lifelong saving habits that begin with taking the America Saves pledge.
Through an easy-to-use pledge system and youth-oriented messaging support, ASYW has helped more than 38,000 young workers make a plan to save, and 22,000 more have completed the platform.
“These numbers are particularly notable in a time when Americans are not saving sufficiently or consistently even in the face of dropping unemployment numbers,” said Amelia O’Rourke-Owens, ASYW program manager.
For the first time in the program’s history, education is the top savings goal of the young worker participants.
Also, about 43% of savers had a checking or spending account and 38% had a savings account.
“A first job is a critical time for laying a strong financial foundation for teens and young adults,” said O’Rourke-Owens. “Youth employers throughout the country are recognizing that partnering with America Saves empowers healthy financial behaviors and young workers are clearly taking this opportunity to heart.”