60,000 Young Workers Plan to Save Through America Saves Supported Summer Youth Programs
America is struggling to save money, but young savers are proving to be ahead of the curve
For Immediate Release: August 15, 2018
Contact: Amelia O’Rourke-Owens, (202) 387-6121
WASHINGTON, D.C. — 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.
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.
Through an easy-to-use pledge system and youth-oriented messaging support, it has helped over 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.
With this summer’s youth savings programs still going strong, ASYW has uncovered some remarkable statistics:
- For the first time in the program’s history, education is the top savings goal of the young worker participants.
- As of July 2018, participants in the program had already pledged to save nearly $37,100,000
- We were delighted to discover that young savers were prepared to save; 43 percent of savers already had a checking or spending account and 38 percent 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.”
Unemployment rates might be on the decline nationwide, but for young workers ages 16 to 19 years old, that number has hovered steadily around 13% this year. What’s more, those numbers nearly double for Black or African American youth. We know there is great value in summer youth employment programs, but employment without financial capability woven into its fabric perpetuates a cycle of low-income youth in financially susceptible communities. America Saves for Young Workers is proud to be an intervention in these employment programs that helps keep young people from being duped by alternative services replete with questionable practices.
America Saves for Young Workers (ASYW) is an initiative of America Saves that promotes workplace savings for young adults. Learn more at americasavesforyoungworkers.org.
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. Learn more at americasaves.org.
- Written by Tammy G. Bruzon
- Category: Blog
- Published: 16 August 2018