America Saves Week—the annual celebration promoting savings and healthy financial habits—is February 21–25. It’s a great time to shine a spotlight on financial well-being and promote resources that may help your people improve their financial lives. And this year’s theme—building financial resilience—feels especially relevant considering the hardships and uncertainty so many people have experienced during the last couple of years. Here are a few things to know about America Saves Week and ways you can use it to drive engagement with your financial benefits.
Since 2007, America Saves Week has served as a national call to action for people to save more for their futures. Thousands of organizations participate, coming together to create urgency and excitement around saving—a task that’s easy to push off and often hard to prioritize with so many things competing for our time, attention, and money. This year, each day of the week has a different focus that fits within the overall theme:
The America Saves Week website offers free resources, including content, ideas, and even a digital toolkit. Many financial providers, including retirement plan recordkeepers, also offer resources and content, and host webinars related to the daily themes.
The beauty of America Saves Week is that it offers a ready-made framework to promote financial well-being. While you may be tempted to highlight every benefit you offer to your people, be realistic. Most people only have the time, energy, and money to tackle one financial goal at a time. Avoid the urge to overwhelm them with information, to-do lists, and resources. Think strategically about what you want people to do and how you can help them get there. If you suggest actions to take, be specific. For example, within the Save Automatically theme, you could encourage people to participate in an auto-escalation program within your defined contribution plan. Explain the benefits of automatically increasing savings rates and how to enroll in the program.
When reaching out to people, don’t forget to follow communication best practices including:
Ultimately, you want to help people achieve a win that will improve their current financial outlook, establish healthier habits, and build momentum to continue those habits going forward.
Studies have shown that financial education is most effective when provided at the time someone is making a decision (i.e., just in time). It also requires regular reinforcement and repetition. The more you sprinkle bite-sized information into your communications, the more manageable it will be for people to follow through with action. Focused actions and continuous learning will help your people build better habits and increase their knowledge over time. Celebrating America Saves Week each year, by offering very specific, actionable tips, is a great way to help your people gradually improve their financial well-being, while building their financial literacy, confidence, and resilience along the way.
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Megan Yost, SVP Engagement Strategist, is a recognized thought leader in benefits communications, particularly in the areas of retirement, financial wellness, and employee engagement.