Did you know that financial stress is the number one concern of American employees and that the average employee spends 28 hours each month worried about, calculating, or stressed over finances? This costs employers on average $5,000 a year in lost productivity. You can change this with the help of America Saves.
Our first-time worker program provides a spot light on the importance of saving and saving automatically through work, through a short video presented at orientation. The video supports two immediate action steps. Following the video employees:
- make a saving commitment by identifying a savings goal and a dollar amount to be saved out of each paycheck
- sign up for direct deposit. Partner financial institutions are providing appropriate accounts to un-banked employees.
Step 1: Download the information packet (or learn more about the program - would take them to a page that outlines the program)
Step 2: Sign up to implement the program
Step 3: Implement your program (We can send them an email after they sign up with a private link to a page with the video and other downloads)
For more information contact:
Director, Financial Education and Young America Saves
We want to spotlight the importance and opportunity to save through work for younger employees.It has been found that financial stress is the number one concern of American employees and that the average employeespends 28 hours each month worried about, calculating, or stressed over finances. This is costing employers on average $5,000 a year in lost productivity according to a 2010 Federal Reserve Bank study.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically thousands of organizations participate in the Week, reaching millions of people.
The 2013 Annual National Survey Assessing Household Savings (released during America Saves Week) revealed that only about half of Americans reported good savings habits.
- 54% said they “have a savings plan with specific goals.”
- 43% said they “have a spending plan that allows you to save enough money to achieve the goals of your saving plan.”
- 50% of those not retired said they “save for retirement at work through a 401(k) or other contributory plan.”
- 41% said that, “outside of work,” they “save automatically through regular preauthorized transfers from checking to savings or investments.”
- 49% know their net worth.
With more societal encouragement and support, more Americans will be persuaded to Set a Goal. Make a Plan. Save Automatically.
About America Saves
America Saves is a national campaign involving more than 1,000 non-profit, government, and corporate groups that encourages individuals and families to save money and build personal wealth. Overall management for the campaign is provided by the non-profit Consumer Federation of America (CFA). CFA is comprised of over 270 consumer education, advocacy, and cooperative organizations dedicated to advancing the consumer interest.
About American Savings Education Council
ASEC is a national coalition of public- and private-sector institutions committed to making saving and retirement planning a priority for all Americans. ASEC is a program of the Employee Benefit Research Institute Education and Research Fund (EBRI-ERF), a 501©(3) non-profit organization. ASEC does not lobby or take positions on public policy proposals. ASEC educational materials are available at: www.choosetosave.org
Since its creation in 1995, ASEC has driven the financial security mission forward with the collective leadership and efforts of a coalition of major organizations. ASEC brings together public- and private-sector partners to share information on best practices and to collaborate on financial security initiatives Partners of the ASEC coalition provide critical input and help to shape the organization’s agenda, and benefit from research and education that is worth millions.