WASHINGTON-NAFCU submitted written testimony last week to Congress' Joint Economic Committee hearing on "Helping Americans Save" touting credit unions efforts to boost savings and financial education. The credit union trade association expressed its support for congressional efforts to enhance retirement savings legislation with the president's proposals for lifetime and retirement savings accounts. NAFCU also stated its support of another savings bill by Congressmen Rob Portman (R-Ohio) and Benjamin Cardin (D-Md.) "Credit unions have always been committed to helping their members save for the future through financial education and the promotion of savings initiatives," NAFCU wrote. "The savings rate in the United States remains disappointingly low while personal bankruptcies are at an all-time high. Every year, an increasing number of Americans have discovered to their alarm that they have not adequately saved for their retirement." "Financial literacy is also a crucial component in teaching individuals the value of saving." their testimony read. "Large numbers of Americans habitually spend instead of save. Credit unions know that saving is a matter of choice and that the most important factor in long-term wealth accumulation is the act of saving itself."