For Immediate Release: June 12, 2018
WASHINGTON —Military Saves announced today that it is recognizing 10 military installations as Savings Champions for their extraordinary efforts to motivate U.S. service members and their families to develop a savings habit during Military Saves Week. This is the first year the award is being presented.
“At a time when many military families have inadequate emergency and transition savings, these installations are going above and beyond to encourage the military community to save,” said Military Saves director Alecia Blair, AFC®. “Financial readiness is a key component of military readiness, and these military installations are ensuring preparedness by helping military families get in the habit of saving. Savings Champions don’t just tell people why it’s important to save, they help them do it.”
Savings outreach to service members is especially critical in 2018 because the U.S. Department of Defense rolled out its new Blended Retirement System (BRS) on January 1, 2018. Eligible service members must decide by the end of the year if they will remain in the legacy retirement system or enroll into the Blended Retirement System.
Savings Champions were selected based on the number of Military Saves Pledges each installation collected. The Military Saves Pledge was developed to guide service members and their families through creating a simple savings plans. Savers with a plan are twice as likely to save effectively.
More than 25,000 individuals completed the Military Saves Pledge during Military Saves Week 2018.
Military Saves, an initiative of America Saves, is a partner of the U.S. Department of Defense’s Financial Readiness Campaign. Military Saves coordinates Military Saves Week, an annual opportunity for military installations and military-affiliated organizations to promote good savings behavior and a chance for service members and their families to assess their saving status. Typically hundreds of organizations participate, reaching millions of people.
“With frequent moves and deployments, it can be especially difficult for military families to save effectively,” said Blair. “Thanks to the Savings Champions, service members and their families are better prepared to navigate the financial challenges of serving our country.”
2018 Military Saves Week Savings Champions:
About America Saves
America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org.
About Military Saves
Military Saves is an America Saves initiative and a partner in the U.S. Department of Defense’s Financial Readiness Campaign. Using the principles of social marketing and behavioral economics to motivate, Military Saves is a research-based campaign to support, and encourage military families to save money and build wealth. Military Saves encourages all service members, their families, and civilian employees to take the Military Saves pledge and for organizations to promote savings year-round and during Military Saves Week. Learn more at militarysaves.org.