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.
America Saves is pleased to make America Saves for Young Workers their commitment to action as part of the Clinton Global Initiative. CGI America commitments are new, specific, and measurable plans to address economic recovery and growth in the U.S. America Saves’ commitment to action seeks to encourage first time workers to save by introducing them to direct deposit and automatic saving during their employee orientation. Learn more at https://www.clintonfoundation.org/clinton-global-initiative/commitments/america-saves-first-time-workers-program.
America Saves provides a free research-based program for financial institutions that can support and motivate youth to save effectively. The program focuses on 16-22 year olds and starts with youth taking the America Saves Pledge. Research shows that those with a financial plan are more likely to spend less than they earn and save the difference than those without a plan. The Pledge does just this. Youth choose a goal, and amount to save, and a time frame to save for – creating the most basic of savings plans. Once they have completed the Pledge, they will receive an automated electronic program that provides ongoing support, resources, and motivation to save regularly through email and/or text messages from America Saves. Click here for the program.
Social Security along with America Saves, the American Savings Education Council, the Women’s Institute for a Secure Retirement, and the US Department of Treasury, launched the “Campaign for a Secure Retirement: Helping Millions of Americans Plan and Save for Retirement.” The campaign is a joint national educational retirement campaign to encourage retirement planning and saving and promote the online Social Security Statement, available through my Social Security, as an important retirement planning tool. Read the press release.
America Saves launched a new text message service, as part of Financial Literacy month, to keep savers 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.