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.  

RESEARCH

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.

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 youth pledged to save and how much they pledged - showing your impact

RESULTS

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.

In 2016:

  • 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


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 Coordinator.

Partner Resource Packet

Want to share savings messages?

Our Partner Resources Packets include a guest post, social media content, and more.

Current Theme: Tax Time Preparedness and Planning

View

Tip of the Day

  • Get some much needed relief. Apply your #taxrefund to your outstanding #debt >> http://bit.ly/2hTDPg2 @AmericaSaves

Saver Stories View all »

Starting Over

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.”

Read more...

Taking Steps Toward Financial Fitness

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

Read more...

Challenging Herself to Save

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.

Read more...