You might wonder “What is that?” 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 2016 annual America Saves Week survey assessing national household savings revealed:
- Just two out of every five U.S. households report good or excellent progress in meeting their savings needs.
- Fifty-two% are saving enough for a retirement with a desirable standard of living.
- Only 43 percent have automatic savings outside of work.
- More men (74 %) report saving progress than woman (67 %).
- Those with a savings plan with specific goals (55 %) are making much more savings progress than those without a plan (23 %). Try saving at work: it is one of the most effective ways for people to save automatically. There are at least three ways you can promote automatic savings.
So, what can you do to start saving?
- Try saving a portion of your pay automatically into a separate savings account through direct deposit.
- Open or add to work-sponsored retirement accounts.
- If your employer doesn’t offer a retirement plan, consider opening a myRA account.
myRA (my Retirement Account) is a new retirement savings program that helps you take control over your future. It is simple, safe and affordable retirement account created by the United States Department of the Treasury for the millions of Americans who face barriers to saving for retirement. https://myra.gov/how-it-works/