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Matz Encourages Credit Unions to Educate Families about Building Wealth

America Saves and Military Saves Week Runs Feb. 24 through March 1

ALEXANDRIA, Va. (Jan. 30, 2014) – Saving is the first step towards financial security, and National Credit Union Administration Board Chairman Debbie Matz today urged credit unions to educate members and their families about the importance of saving during America Saves and Military Saves Week, which runs Feb. 24 to March 1.

“A savings account is very important to a household’s financial stability,” Matz said. “We should be seriously concerned that nearly 44 percent of American households have almost no savings for emergencies. The America Saves and Military Saves campaigns are excellent opportunities for credit unions to educate members and their families about balancing household budgets, building a cushion for when they run into financial problems and putting money aside for a new home, retirement needs or their children’s educations.”

Credit unions can partner with local savings campaigns and consumer organizations to offer motivational workshops and obtain posters, brochures and other resources. Credit unions can learn more about American Saves activities here and Military Saves activities here.

Consumers can also visit NCUA’s mycreditunion.gov and the agency’s financial literacy site, Pocket Cents to get more information about saving, borrowing and managing credit. NCUA’s consumer Twitter feed, @MyCU.gov also provides personal finance tips covering a wide range of topics.

America Saves Week and Military Saves Week are national campaigns that unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. American Saves Week is coordinated by America Saves and the American Savings Education Council. Military Saves is part of the Defense Department’s Financial Readiness Campaign and has been a partner with the department since 2003. Managed by the Consumer Federation of America both programs encourage saving, reducing debt and building wealth.



NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"