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 saving. Pay 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 to teach adults and young adults, in an mp3 podcast (audio) format, and in a self-paced online version.
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:
- Is It Time for Your Financial Checkup? helps consumers get started on a self-examination of their money-management and strategies for saving. The first question on the list asks consumers about their short-term and long-term financial goals. With financial goals in mind, people may be more motivated to save for and achieve their objectives.
- The article Saving and Investing for Your Future: Questions to Ask Yourself Now features five basic starting questions and strategies to help you find money to put into savings.
- One way to save is through certificates of deposit--learn more in the article Thinking of Buying a CD? What to Consider Before Handing Over Your Money.
- Money and Banking Tips for the Tax Season offers tips to save money at tax time.
- Learn more about saving for retirement in an article outlining six basic strategies for retirement planning and the Making Sense of the Alphabet Soup of Retirement Accounts article.
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 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.
- Internal Revenue Service Programs provide free income tax preparation performed by certified volunteers.
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.
- Individual 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 and products 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.
- 2015 Press Release: FDIC Encourages Consumers to Develop a Plan to Save Toward Their Goals; America Saves Week is February 23 - February 28, 2015
- 2014 Press Release: FDIC Releases National Survey of Unbanked and Underbanked
- Press release encouraging Taxpayers to Take Advantage of IRS Programs and Save More of Their Refunds
- Webinar geared to financial institutions to encourage customers to set and achieve savings goals through the use of insured bank accounts.
- Letter alerting financial institutions to the opportunity to be involved with Volunteer Income Tax Assistance (VITA) coalitions before the start of tax season, including to help facilitate ways to encourage taxpayers to save a portion of their tax refund.
- Access handouts and presentations from the FDIC Advisory Committee on Economic Inclusion meetings. Meeting topics have included prize-linked savings and asset-building opportunities for individuals and banks.
Speeches by Senior FDIC Executives
- Remarks by FDIC Chairman Martin J. Gruenberg at Consumer Federation of America 26th Annual Financial Services Conference Washington, D.C. December 05, 2013
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.