America Saves for Young Workers

America Saves for Young Workers (ASYW) is an initiative of America Saves that promotes workplace savings for young adults. We are beginning our work in this area with a large and vulnerable population, young first-time summer workers from low-income households. These young people are inexperienced about personal finance and are less likely to save any of their earnings. Employment for this group of 16- to 24-year-olds reached nearly 20 million in July 2013, as reported by the U.S. Bureau of Labor Statistics.

ABOUT THE PROGRAM

Youth from America Saves focus groups reported they know it’s important to save, but no one has shown them how. ASYW changes that. The program encourages youth to save money the same way the most successful savers do – by utilizing direct deposit to save a portion of their pay into a separate account. Youth can complete the simple, all electronic, 10 minute America Saves program near the start of their employment program. The program includes a video that tells them exactly how to save, encourages them to choose a savings goal and pledge to save a certain amount each month, and prepares them for orientation by reminding them to either bring their checking and savings account and routing numbers with them or open up appropriate accounts before or at orientation.  

RESEARCH

America Saves for Young Workers (ASYW) new report, Impact Report 2019, explores the effect of ASYW on new employees ages fourteen to twenty-four in 2019. ASYW focuses on two variables to instill savings behavior in young people: account ownership and use of direct deposit.

BENEFITS

No Cost

The Program is free of cost to summer youth programs

Easy to Implement

Just email youth your custom link before orientation

Youth Savings Support

Youth will be able to save some of their hard-earned money - preparing them for their future

Custom Reports

After youth have completed the program, you will receive a report that reflects how many youths pledged to save and how much they pledged - showing your impact

RESULTS

Over the past seven years, America Saves has partnered with 20 summer youth employment programs across the country to create a program that is easy to implement and has proven to encourage youth to save some of their money.

In 2019:

  • 110,000 youth employees were reached through the America Saves for Young Workers Program
  • 17,883 youth pledged to save a total of $30,472,724
  • As a result of employment in America Saves for Young Workers partner programs, 2,542 new accounts were opened in 2019
  • On average, 66% of young workers from our partner programs opted to receive direct deposit
 America Saves Young Workers 2019 Infographic

Download full infographic

You can download a full version of the 2019 Impact Report to see the impact ASYW continues to have.

For more information or the get involved contact: This email address is being protected from spambots. You need JavaScript enabled to view it., America Saves for Young Workers Program Manager.

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Tip of the Day

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