If you’re wondering what you or your organization can do to celebrate Washington Saves Week – Feb. 25 through March 2 – then the state Department of Financial Institutions has some ideas.
This will be the seventh annual iteration of the event, meant to promote the idea that pennies saved (in a savings account, in an IRA, as part of a 401(k) plan, in a piggy bank or in any other of dozens of ways) are pennies earned.
Gov. Jay Inslee recently proclaimed the week, and DFI has several programs to assist citizens and businesses in heeding the theme: “Set a Goal. Make a Plan. Save automatically.”
The agency suggests several ways to become involved.
• Distribute fliers and brochures or display America Saves posters.
• Host motivational workshops and seminars for patrons and employees.
• Place relevant articles in employee newsletters.
• Place a link to the event in internal networks or on company websites.
To arrange a speaker to visit your business or organization, send a request to Lyn Peters of DFI at email@example.com, or contact the Washington Jump$tart Coalition at firstname.lastname@example.org.
• To learn more about the state campaign, visit www.dfi.wa.gov/financial-education/wa-saves/default.htm.
• To help promote the campaign and receive materials, visit americasavesweek.org/download-materials.
And if you’re wondering why it’s necessary to promote savings, here’s a few relevant numbers from DFI:
• In Washington, 17 percent of individuals report that over the past year their households spent more than was earned – and that does not include buying a car, a home or making a major investment.
• In Washington, 53 percent of individuals lack a “rainy day fund” to cover three months’ worth of emergencies including sickness, job loss or economic downturn.
• 30 percent of Americans say they have less than $1,000 in savings.
• 48 percent of parents in a 2010 survey said their children needed to learn how stick to a budget and live within their means; 42 percent said their children needed to learn how to save money; and 33 percent said their children needed to learn how to invest.