With America Saves Week and Military Saves Week set to kick off this weekend, credit unions are being encouraged to help members increase their nest eggs, especially through automatic savings options.
The week-long, national campaigns will begin Feb. 19 with events that aim to unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. This year’s campaign theme – “Set Goals, Make a Plan, Save Automatically” – promotes the need for families to get aggressive with automatic savings.
NCUA Board Chairman Debbie Matz is encouraging credit unions to participate in both campaigns through motivational workshops and obtain posters, brochures, and other resources.
“By promoting automatic savings, credit unions can help their members buy homes, purchase cars, go to college, enjoy secure retirements, and set money aside for emergencies,” Matz said.
In the first nine months of 2011, savings at 7,179 federally insured credit union increased by $32.8 billion, she added.
A parallel initiative, Military Saves, represents an opportunity for active duty, National Guard and Reserve leadership at all levels to educate, motivate and encourage service members and their families to save.
During the past five years, more than 100,000 military members and their families have taken the saver pledge to save money, reduce debt, and build wealth over time, according to the NCUA.