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CommonWealth One Helps Boost Savings with America Saves Week

February 17, 2017

CommonWealth One Federal Credit Union is continuing its partnership with “America Saves,” a national campaign to promote automatic savings and boost the savings rate of Americans. America Saves Week, coordinated by America Saves and the American Savings Education Council, is Feb. 27 through March 4, 2017.
 
The America Saves campaign in focused on encouraging individuals and families to assess and adjust their savings. The campaign involves non-profit organizations, government, and corporate groups in convincing Americans to develop a savings plan and implement steps to make savings automatic.
 
According to the 2016 America Saves Week survey that looked at national household savings:

  • Just 40% of U.S. households reported they had made good or excellent progress in meeting their savings needs
  • Only 43% have automatic savings outside of work
  • People with a savings plan who have specific goals for their savings make much more progress than people without a plan.

 
Research has shown that people who set up automatic savings plans tend to save more than people who have to take steps on a weekly or monthly basis to save.
 
In addition to supporting America Saves Week and the America Saves initiative, CommonWealth One has specific programs to help its members save automatically. These include Vacation or Holiday Savings Club accounts, several new high-interest earning youth savings accounts, retirement, money market and other investment accounts to help members’ savings grow at competitive rates.
 
CommonWealth One consistently focuses on education, teaching members about responsible saving and spending habits. CommonWealth One in December 2016 was honored by the Credit Union National Association (CUNA) as a national first place winner in the Desjardins Youth Financial Education Award. Participating in America Saves Week is a continuation of the credit union’s efforts to educate members and help them live financially smart lives.