America Saves and Military Saves Weeks a Reminder to Put Something Aside
ALEXANDRIA, Va. (Feb. 24, 2017) – Credit unions and their members can get valuable information on saving and improving their financial security from the National Credit Union Administration.
NCUA makes information about saving and managing money available on its consumer website, MyCreditUnion.gov (opens new window). NCUA’s consumer Twitter feed, @MyCUgov (opens new window), offers personal finance tips throughout the year.
An America Saves (opens new window) survey found that only 40 percent of U.S. households report good or excellent progress in “meeting their savings needs.” Likewise, a recent national survey (opens new window) about consumer saving habits reported that 63 percent of American families do not have $500 in savings (opens new window) to cover an emergency expense (opens new window). That underscores the importance of budgeting to put even small amounts of money into savings on a regular basis.
NCUA has online resources for America Saves Week (opens new window) and Military Saves Week (opens new window), which both run Feb. 27 to March 4 and are national campaigns that bring together government, nonprofits and private companies to encourage individuals and families to save and build personal wealth.
America Saves Week is coordinated by America Saves (opens new window) and the American Savings Education Council (opens new window). Military Saves is part of the Defense Department’s Financial Readiness Campaign. Managed by the Consumer Federation of America (opens new window), both programs encourage saving, reducing debt and building wealth.
Credit unions can partner with local savings campaigns (opens new window) and consumer organizations to offer motivational workshops and obtain posters, brochures and other resources.
Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.