America Saves Partners With Ball State University To Encourage Financial Action
America Saves and Ball State University Professor Daniel H. Boylan have teamed up in a unique and successful effort to encourage 3,571 students to take the America Saves Pledge where they have chosen a savings goal and created a plan to achieve their goal. Recognizing the vast number of college students facing loan debt Boylan and America Saves have teamed up to train students how to save successfully in order better manage their finances. By taking the America Saves Pledge, these students commit to create a financial habit of saving preparing them for the realities they will encounter when they graduate, have to pay off their student loans and are fully employed.
The America Saves program was incorporated into Ball State personal finance classes beginning in December 2013 to connect what students learn in the classroom to the outside world. “I want students to see that personal finance and saving are an important part of life - a part to help them live better,” said Boylan. Through the class, students learn about important financial terms and strategies including insurance, stocks and other investments, retirement, buying a house and car, and budgets. The Finance $ociety, under the leadership of Finance, Risk Management and Insurance major, Joel Prather, also engaged other student clubs on campus and set up a table with computers for students to take the America Saves pledge to save.
To date, 3,571 Ball State students have pledged to save $7,884,653. Top goals include saving for Education (24%), Vacation (19%), Special Event (10%), Emergency Fund (9%), and Debt Repayment (7%).
When students pledge to save, they set up a savings plan by choosing a savings goal, an amount to save monthly, and an amount of time to save for. They also have the option to receive emails and goal-based text message tips and reminders to support their savings. “Setting up a simple savings plan has benefits for students,” said Katie Bryan, America Saves Communications Director. “Studies show that those who make a plan are more likely to spend less than they earn and save the difference, have sufficient emergency savings, and be saving enough for retirement.”
Ball State Student Success Stories
“With America Saves I have pledged to save each month,” said Ball State student Matthew Cade. “It has inspired me to save $100 a month until I pass on to my grandchildren the opportunity to go to college."
"America Saves helped me recognize how much money I could save if I just set aside a particular amount every month," said Ball State student Tiffani Reid.
"America Saves helped me put my finances in order,” said Ball State student Kendal Reed. “It allows me to see the commitment I should have with saving money."
"America Saves put into perspective my spending habits,” said Ball State student Alex Bech. “I know now that being aware of those habits is important for my future financial success.”
"Participating in America Saves has helped me to set a goal not only for how much to save but what to save it for," said Ball State student Samantha Morris.
"By signing up for America Saves, I made an agreement with myself to cut back on surplus spending,” said Ball State student Megan Holder. “By having it in writing, it is harder to default on my agreement.”
Boylan is encouraged by the reaction of his students and their commitments to save. "I am planning to continue to encourage students to do their best - not just in the classroom but in life. I feel America Saves is part of that lesson," said Boylan.