The NFEC Launches Retirement Planning for Children - SavingFund

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SavingsFund help children start to save money at a young age while teaching them practical financial lessons.

Parents now have platform to protect their children’s future financial situation. SavingsFund help children start to save money at a young age while teaching them practical financial lessons.

SavingsFund is a gift giving platform that allows friends and family to contribute to a child’s long-term savings plan and education. Instead of a traditional toy or other gift for birthdays or holidays, loved ones can choose to provide a financial gift that can provide future benefits for the child.

“Young people need to start a 401(k) plan early and save if they plan on having a comfortable retirement,” says Dr. Jill Young, an instructor in South University’s College of Business. “Social Security is not enough money to maintain a reasonable standard of living. Furthermore, it was never meant to be a sole income for a retired person.”

The National Financial Educators Council introduced SavingsFund to help families proactively address challenging economic circumstances that many of today’s youth will face. The platform allows families to receive financial gifts from family and friends for their child’s birthday, accomplishments or holidays. Additionally, it provides financial education for kids so as their net worth grows so does their financial capabilities.

Only 12% of people have $250,000 or more saved for retirement according to the Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc. With kids born in this decade, the NFEC estimates they will need over 2 million dollars to consider retiring in their 60’s. By helping families start a retirement account or long-term savings plan for children, they can benefit from the compounding interest that may accumulate over the years.

The National Financial Educators Council is a social enterprise financial education organization dedicated to improving the savings rates and financial capabilities of families across the country. SavingsFund provides complimentary financial literacy resources so families can avoid common money issues and achieve a state of financial wellness.

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Cecile Abad
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