As debt loads continue to increase for many Americans it is important that consumers remain focused on their savings goals.
WASHINGTON (PRWEB) February 26, 2020
The National Foundation for Credit Counseling® (NFCC®) is proud to support America Saves Week February 24-29, 2020. America Saves provides an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. “As debt loads continue to increase for many Americans it is important that consumers remain focused on their savings goals,” said Bruce McClary, spokesperson for the NFCC. “Having sufficient savings can help people break their dependency on debt and avoid the stress related to high interest and payments.”
NFCC and member agencies are helping promote a culture of savings in a variety of ways including financial education workshops, social media, community events, and through one-on-one financial counseling. Each year, participating NFCC members encourage individuals to take the savings pledge by stating their goals and committing to build wealth over time. Everyone is encouraged to start by visiting the Take the Pledge page on the America Saves website.
While there are signs of improvement, Americans of all income levels can do more to grow their personal savings. Based on the results of the most recent NFCC Financial Literacy Survey, slightly more than one in four Americans say they are saving more compared to last year. “We are seeing clear signs of progress in the area of savings as fewer people say they are saving less than during the prior year,” continued McClary. “the fact remains that the United States continues to rank below the top ten nations for personal savings as a percentage of GDP.” According to the Organization for Economic Cooperation and Development, the United States ranks 12th in the world as households are projected to save only 6.88% of their income in 2020.
America Saves was founded in 2001 to encourage non-saving Americans to save through a social marketing approach. Close to 1,000 nonprofit, government and corporate organizations – including many NFCC Member Agencies – in communities throughout the nation participate in America Saves Week and have successfully encouraged and assisted hundreds of thousands of savers through the years.
Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being. With a national network of member offices serving 50 states and Puerto Rico, our NFCC Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227 or visit http://www.nfcc.org today.