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 in personal finance and are less likely to save any of their earnings. Employment for this group of 16- to 24-year-olds reached over 20.3 million in July 2021, 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 2021, explores the effect of ASYW on new employees ages fourteen to twenty-four in 2021. ASYW focuses on two variables to instil savings behavior in young people: account ownership and the 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 2021:
- 8,590 young workers pledged to save a total of $18,101,198.
- Education was the top savings goal in 2021.
- On average, each young worker pledged to save $2,107 over 5 months.
You can download a full version of the 2021 Impact Report to see the impact ASYW continues to have.
For more information or the get involved contact America Saves.
