Financial Literacy Month Is a Great Time to Start Saving
Guest blog from America Saves
Financial Literacy Month provides an opportunity for everyone to learn more about their personal finances and take steps to improve their financial picture. This year’s celebration kicks off on April 1, 2016. If you’re looking for a place to start your review of your holistic financial picture, America Saves provides 3 easy ways to assess your current situation and take action to save.
- Saver Checklist Tool – Check off your savings accomplishments to see how you're doing.
- Assess Your Savings Tool – Complete the assessment to see if you are saving adequately, and create a savings plan.
- Pledge to Save – The first step is to take the America Saves Pledge. Once you start saving, it only gets easier. Before you know it, you're on your way to making your dreams into goals, and your goals into reality.
Where and How America Savers Save – Traditional Accounts Still Top the List
Each year, America Saves conducts a survey of those who have taken the America Saves Pledge to learn more about where and how America Savers save.
Highlights from the Where and How America Savers Save:
- A bank savings account is the most frequently selected product for saving money among America Saves survey respondents, followed by credit union savings accounts.
- Those under 25 years old were much less likely to select a credit union savings or money market account as one of the savings products they used than those age 35 and older.
- Those under 25 years of age were also more likely to select “safe place at home” as their main savings product.
- More than 60% of respondents reported saving automatically.
- Survey respondents feel the products they use to save help them save, are convenient, are easy to understand, and feel safe.
Savings starts when you take action, assess your current financial situation, and take action to save. Once you have taken the America Saves pledge and made your savings plan, you will be well on your way to safe, frequent, and successful savings in a savings vehicle of your choice. Celebrate Financial Literacy Month today.
Tammy Greynolds works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at americasaves.org.