New Resource Outlines the Benefits of Saving at an Early Age
ALEXANDRIA, Va. (Feb. 22, 2018) – Young people can get valuable information about starting good personal finance habits and building long-term wealth from a new infographic released today by the National Credit Union Administration.
The NCUA’s new infographic, “Empowering Youth to Save (opens new window),” is being released in conjunction with America Saves Week and Military Saves Week, which run from Feb. 26 to March 3.
America Saves Week and Military Saves Week are national campaigns that bring together government, nonprofits, and 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 (opens new window) 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.
During America Saves Week (opens new window) and Military Saves Week (opens new window), consumers can go to MyCreditUnion.gov (opens new window), the NCUA’s consumer website, and find additional information on how to live within a budget (opens new window), handle debt (opens new window), and what it means to save and borrow (opens new window) at a federally insured credit union. The NCUA’s consumer Twitter feed, @MyCUgov (opens new window), will provide savings tips all week long on topics like, planning for the unexpected and setting up automatic savings.
Credit unions are encouraged to link to these resources on their websites and use them to help educate their members. Credit unions can also partner with local savings campaigns and consumer organizations to offer 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.