It is once again America Saves Week! This year’s dedicated week of February 27 – March 4, 2017 offers an opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. As in years past, the national campaign, coordinated by America Saves and the American Savings Education Council, encourages individuals and families to save money and build personal wealth. Typically thousands of organizations participate in the Week, reaching millions of people.
The campaign is not just about retirement savings, but savings in general, providing resources and tools to help people reach a level of financial stability or financial well-being. As we know, a great majority of people have difficulty managing their money and are not consistently saving. Most people are not saving adequately, whether that be for retirement or unexpected emergencies, and employers are in a distinct position to help their employees with their overall financial well-being.
As employers play a significant role in helping employees with their overall financial fitness, America Saves Week is a dedicated opportunity to encourage automatic saving, debt reduction, and wealth building. According to a 2016 PwC survey, employee financial stress rose this year with 52% of employees reporting that they find their financial situations stressful. On the America Saves website there are many free resources and tool kits to help organizations assist their employees in saving for their future. In addition, here are some free WorldatWork resources on the topic that address the topic of financial wellness:
The bottom Line is that most Americans are not saving adequately, and organizations are in a distinct position to help their employees. A majority of organizations have already taken steps to meet this growing challenge by boosting their savings and investment education programs, and continuing to embrace automatic features and target-date funds for their retirement plans. More employers are offering resources and support systems to help with overall financial well-being, budgeting, debt management, and very recently even managing student loan debt.
What are you doing for America Saves Week? Check out the resources to help your employees save and sign up to participate in this nationwide movement today. Together we can encourage people to take financial action through saving, debt reduction, and wealth building!