Saving Not Only Impacts Individuals But Has Economic Benefits

A new report released by Oxford Economics last week revealed that a boost in savings would make the US less dependent on foreign capital, make households more secure, and strengthen long-term economic growth.

According to the report, the household saving rate, currently at 3.8%, would need to increase by one to five percentage points in order to create this change. In actual dollars that means each person would need to increase their savings by $3,500. While that may seem like a daunting task, it is possible for individuals of all income to save money and build wealth. Take a look at the infographic below for more and make a savings commitment by Pledging to Save

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Tip of the Day

  • Written by Super User | August 28, 2013

    In 2012, the average credit card debt among adults aged 65+ was $9,283.

Saver Stories View all »

Challenging Herself to Save

Written by Sara Cooper | April 15, 2014

It all started when Marchale Burton overheard Alabama cooperative extension colleague Isaac Chappelle, coordinator of Alabama Saves, explaining how saving just a little bit – even change – is all it takes to become a saver. “I thought about that,” Burton said, “and wanted to see if it would work.” So, she challenged herself to see how much change she could save.

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Starting Over

Written by Katie Bryan | October 28, 2013

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

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Starting and Continuing a Personal Finance Journey

Written by Sara Cooper | December 23, 2013

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

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