Savings enable consumers to withstand unexpected expenses or income disruptions, in addition to also funding large expenditures, such as the purchase of a home or college education. Research indicates that people who save have better relationships with family and neighbors and increased community involvement.
Here are several other savings-related resources for financial institutions, community-based organizations, and others.
FDIC Educational Resources
The award-winning FDIC Money
Smart financial education program includes
the Pay Yourself First module that specifically addresses
Yourself First provides information on the importance of saving,
tips on saving money, and options available to reach savings goals. Money
Smart is available in an instructor-led version for adults,
an instructor-led version for young adults, in an mp3 podcast (audio) format, and in a self-paced online
FDIC Consumer News is a quarterly publication that provides practical financial tips and information. Practically every issue includes information on how people can save more money and make sure all their deposits are fully protected. For example:
Selected External Resources
- The America Saves program (www.americasaves.org) encourages all Americans to save money, reduce debt and build wealth. You can visit this website to make a savings commitment and learn additional strategies to save. Consider making savings automatic through regular contributions (investments) into a workplace retirement plan and establishing regular transfers into a savings account.
- America Saves Week is an annual opportunity for organizations to encourage and assist individuals in assessing their savings progress and taking action to advance this progress. (www.americasavesweek.org)
- MyMoney.gov is the federal government's one-stop website that provides financial education resources from more than 20 federal agencies. The Savings & Investing page provides a comprehensive catalog of resources from federal agencies on saving and investing.
- The Department of Labor (www.dol.gov) site provides information for owners of small business on various retirement plan options.
Building Assets, Building Relationships: Bank Strategies for Encouraging
Lower-Income Households to Save
Not surprisingly, low- and moderate-income (LMI) households have the
most difficulty saving. This FDIC Quarterly article explains the challenges
LMI households face in building assets and examines the incentives banks
have for encouraging these customers to save. The article also describes
some strategies banks have used to build profitable relationships that
also benefit lower-income consumers.
Development Accounts and Banks: A Solid "Match"
A particular type of savings account, the Individual Development Account
(IDA), is a relatively low risk way for banks to introduce American
households who do not currently use the banking system to banking services
that are offered. This FDIC Quarterly article explains how IDAs operate,
describes banks’ experience with IDAs, and points bankers to sources
of information about these programs.
Speeches by Senior FDIC Executives
FDIC Technical Assistance
FDIC leads or otherwise participates in numerous local saving and asset-building initiatives, including through the Alliance for Economic Inclusion (AEI). For further details, please contact your local Community Affairs Office.