Saving money is a great place for consumers to start, or continue, to work on their finances. Using money that you’ve set aside to pay for unexpected expenses or to make a large purchase can help you avoid debt. And, knowing that you’re saving for long-term plans like college or retirement can give you peace of mind. There are many different reasons to save and a variety of ways to do it. Here, we provide savings resources that may be helpful to banks and organizations that work with consumers.
FDIC Educational Resources
The award-winning FDIC Money Smart financial education materials provide information on the importance of saving money, tips on saving money, and options available to reach savings goals. Money Smart tools are available to teach people of all ages, in a podcast (audio) format, and in a self-paced online version. The Money Smart program also includes guides with exercises, activities, and conversation-starters to help young people learn more about money.
FDIC Consumer News is the FDIC's monthly publication for consumers, offering information about credit cards, bank accounts, loans, scams, money management, and much more. We’ve compiled a list of our top five money saving ideas from the FDIC Consumer News.
Selected External Resources
The America Saves initiative, (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. You can also read the FDIC’s press release for America Saves Week 2020, an annual opportunity for individuals to assess their savings habits and consider new ways to save.
The Consumer Financial Protection Bureau’s Start Small, Save Up (www.consumerfinance.gov) Initiative can help people start and build savings.
MyMoney.gov is the federal government's one-stop website that provides financial education resources from more than 20 federal agencies. It includes a page that provides a comprehensive catalog of resources from federal agencies on saving and investing.
The Department of Labor (www.dol.gov) provides information for owners of small business on various retirement plan options.
Internal Revenue Service Programs provide free income tax preparation performed by certified volunteers. Financial institutions may be able be involved with Volunteer Income Tax Assistance (VITA) coalitions before the start of tax season.
Building Assets, Building Relationships: Bank Strategies for Encouraging Lower-Income Households to Save
This FDIC Quarterly article explains the challenges low and moderate income households face in building assets. The article also examines some strategies banks have used to build profitable relationships that also benefit lower-income consumers.
Individual Development Accounts and Banks: A Solid "Match"
This FDIC Quarterly article explains how Individual Development Accounts (IDAs) operate, describes banks' experience with IDAs, and points bankers to sources of information about these programs.
Youth Banking Resource Center
Learn about efforts to connect financial education with the opening of safe, low-cost savings accounts for school-aged children.
FDIC Technical Assistance
FDIC encourages financial institutions to promote automatic savings. FDIC leads or otherwise participates in numerous local saving and asset-building initiatives. For further details, please contact your local Community Affairs Office.