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 ether bring their checking and savings account and routing numbers with them or open up appropriate accounts before or at orientation.
America Saves for Young Workers (ASYW) and C + R Research Services’ new report, Impact of the America Saves program on Low-Income Youth Workers, explores the effect of ASYW on summer youth employment participants from August 2015 – March 2016, including during their employment. It measured the impact of their use of savings tools, savings attitudes, and savings behaviors and found that youth can learn how to save when provided appropriate products, services, and mechanisms.
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
After youth have completed the program, you will receive a report that reflects how many youth pledged to save and how much they pledged - showing your impact
Over the past four 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.
- 52,400 youth employees were reached through the America Saves for Young Workers Program
- 8,059 youth pledged to save a total of $4,377,364
- After their summer employment, ASYW youth ownership rates for savings accounts exceeded that of national low-income teams by 15 percentage points
- 8 months after their summer youth employment ended, 61% of youth reported making a deposit to their savings account in the previous month, despite just 38% being formally employed at the time