Savings Tips and Reminders
Studies show that text message reminders can increase the use of sunscreens, increase the likelihood someone will vote, and have been proven as an economical and effective way to generate increased savings. Research from America Saves also shows that having a savings plan with specific goals can have beneficial financial effects, even for lower-income families.
On April 1, 2013 America Saves launched a new text message service for savers. The service, launched as part of Financial Literacy month, keeps savers who take the America Saves Pledge motivated to save through text message tips and reminders. America Saves uses the goal savers choose when they take the America Saves pledge to help them find money to save and remind them to save for their specific goal.
This initiative is made possible by a generous contribution from Capital One.
Example of Texts
· With each savings deposit, you are one step closer to getting out of debt. Have you made your deposit this month? Reply YES or NO.
· Automatically transferring $ to your savings acct. is the fastest way to save $500 or more for emergencies. Set up an auto-transfer today.
· When saving for a down payment, do not take risks with this money. Keep home savings in a money market or FDIC insured account.
· It’s National Retirement Planning Week! Take this week to look at your retirement savings plan & see if you need to make any changes.
· A 529 plan is one of the most flexible ways to save for college & features tax benefits. See if a 529 is right for you. http://ow.ly/boLGQ
· Rounding debt payments up to the nearest $100 goes a long way toward getting you out of debt faster. Try & round up your next payment.
5,937 people have signed up to receive text messages as of March, 2014.
Survey of Text Subscribers
On August 29, 2013 America Saves offered, via text, a survey to 2,856 active subscribers who signed up before July 25, 2013. 364 (13%) responded to the survey,
· 58 percent said America Saves texts had been very or somewhat helpful.
o Of those, subscribers saving toward an emergency fund (73%), retirement (69%), and homeownership (66%) found the texts most helpful.
· Regarding frequency, 50 percent prefer the frequency of texts to stay the same, while 40 percent would like to receive texts more often.
· When asked how well they are saving or managing debt since getting our texts, 16 percent said much better and 56 percent said a bit better.
o Of those saying much better, most are saving toward an emergency fund (19%), paying down debt (17%), and other goals (14%).
o Of those saying a bit better, most are saving toward paying down debt (60%), an emergency fund (55%), and other goals (59%).
· Fifty-nine percent said they would recommend that friends or family sign up for America Saves text messages.