Organizations across the country are spreading the word to encourage people in their universes to make saving a part of their daily life as part of America Saves Week 2021, running Feb. 22-26.
And today just happens to be our favorite day of America Saves Week, as the theme for Wednesday is “Save to Retire.” Each day of America Saves Week has its own theme. Monday was “Save Automatically,” Tuesday “Save for the Unexpected,” Thursday “Save by Reducing Debt,” and “Save as a Family” on Friday.
On Wednesday, the “Save to Retire” focus is on the importance of setting aside time to understand retirement needs and making a plan to meet them.
Participating organizations in America Saves Week 2021, make the day successful by:
- Initiating conversations on social media around the topic of “Saving to Retire.” This is done by sharing the social media content provided in the America Saves Week Toolkit, or creating their own branded content. The hashtags of the day are #Save2Retire and #ASW2021
- Encouraging local communities to take financial action by taking the America Saves pledge or re-pledging.
- Sharing America Saves Week resources to aid local community members in creating their individual retirement action plan.
The annual awareness campaign is organized by the nonprofit America Saves, an initiative of the Consumer Federation of America. The event’s mission is to encourage and support Americans to save effectively, aimed at motivating individuals and families to take better control of their finances and achieve financial stability.
Started in 2007, America Saves Week brings together thousands of organizations representing a diverse coalition of companies, nonprofits, educational institutions, military services, influencers, government agencies and financial institutions. America Saves encourages people to take The America Saves Pledge, a framework that allows savers to set a goal, and make a plan to achieve better financial stability.
One of the companies participating is on-demand pay platform DailyPay, whose clients will be able to access the pledge and corresponding comprehensive saving information on the DailyPay platform. To begin their savings journey, employees can utilize DailyPay’s no-cost AutoSAVE feature, which enables them to automatically save a set amount of money from each paycheck in the employees’ own bank accounts. DailyPay also offers participating employees special access to financial counseling along with their #SavethatMoney Challenge.
“DailyPay is proud to join forces for America Saves Week with our valued clients in supporting their commitment to the financial wellness of their employees, especially during these uncertain times,” said Jeanniey Walden, Chief Innovation and Marketing Officer, DailyPay. “We are thrilled for this opportunity with America Saves to be part of a larger national conversation around saving successfully that closely aligns with our mission of supporting the American worker.”
One of its clients, Staffmark Group, partnered with DailyPay in 2020 and now has more than 6,500 employees enrolled in the program.
“Our goal is to help our employees achieve financial wellness through great work opportunities. With DailyPay, employees have access to their earned pay before our standard payday for urgent needs, and DailyPay’s AutoSAVE feature makes it easier to set money aside and plan for the future,” said Wendy Reiner, director of operations support at Staffmark Group. “America Saves Week is a great reminder to begin the habit of automated saving.”
The need to start a savings program has never been greater. According to a recent Harris Poll commissioned by DailyPay, Funding Our Future and the Center for Financial Security at the University of Wisconsin, 52% of Millennials have depleted their savings due to COVID-19. And slightly more than half (58%) have enough savings to cover an unexpected $400 expense.
The road to financial wellness typically starts with one’s employer. Recent research shows over 50% of employees polled look to their employer for financial assistance. And increasing financial wellbeing for workers relieves stress and allows them to be more productive on the job.
“DailyPay is providing and promoting the opportunity for their users to save automatically and through the relationship with America Saves, develop a savings habit,” says George Barany, Director of America Saves. “We know that saving automatically is the most effective way to save. DailyPay is setting up their employers and employees for financial success by not only making saving automatically easily accessible through their AutoSAVE feature, but then encouraging ongoing support along their savings journey by taking the America Saves Pledge.”
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
