OLYMPIA– The Washington State Department of Financial Institutions (DFI) recognizes America Saves Week as an opportunity to join partners from throughout the country to promote consumer focus on savings. The national savings awareness program was started by America Saves and the American Savings Education Council in 2007 as way to positively promote strong savings habits and to remind individuals to assess their own savings status – and encourage saving more with the savings pledge.

This year’s theme is “Building Resilience.” After two years of living through a pandemic, where higher income residents experienced an increase in savings and many lower income residents saw the wealth gap widen, building financial resilience is more important than ever for many Washington residents. The campaign’s motto “Start Small, Think Big” reminds participants saving can start with something as simple as establishing a household change jar to be put toward a family goal. 

“We know it’s tough to set money aside in savings, especially for many Washington residents who were either heavily impacted by the pandemic with layoffs or reduced hours and all those still living paycheck to paycheck,” DFI Director Charlie Clark said. “But it’s so important to plan for the future – whether putting a family member through school, having money for emergencies or planning for retirement. Putting aside even $20 every pay day can add up over time and help prepare a household for unexpected expenses.”

Need help thinking of quick savings tips?

• Put that tax return or tax credit in your savings account for an emergency fund instead of spending it!
• Make saving automatic with a direct deposit from your paycheck – you won’t spend what you don’t see!
• Start teaching your children about the importance of saving – you can start with a family change jar for the online movie rental and dinner delivery.
• Pay off those high interest credit cards and put the money you used to put toward payments into the savings account instead!
• Talk as a family about ways to save.
• DFI has more savings tips at http://www.dfi.wa.gov/financial-education/saves-week#savings-tips.html

Saves Week 2022 is focusing on specific savings goals each day:

• Monday, February 21, 2022 | Save Automatically
• Tuesday, February 22, 2022 | Save for the Unexpected
• Wednesday, February 23, 2022 | Save to Retire
• Thursday, February 24, 2022 | Save by Reducing Debt
• Friday, February 25, 2022 | Save as a Family

When times are tough and money is tight, preparing for retirement can easily be pushed into the “someday” category, as we focus on present needs and expenses. In fact, very few Americans have a plan for retirement savings that is adequate for their desired standard of living after they retire, and many cashed in some or all of their retirement savings to get through the first year or so of pandemic-related expenses. Saves Week is a great time to reassess your household finances, make a plan to save more, and set course for a more resilient financial future.

At the Retirement Marketplace, administered by the Washington State Department of Commerce, Washington businesses and individuals can easily comparison shop online for retirement savings plans that the state has verified are low-cost so you can save today for your tomorrow.  Low cost means no administrative fees to employers, and there’s a cap of no more than 1% in total annual fees to enrollees.

Shop with confidence at your own pace. It’s a free service and completely voluntary. The Retirement Marketplace also provides helpful information and links to great online retirement planning tools.

Start thinking about your retirement by watching these videos:

America Saves: Save for your retirement - https://www.youtube.com/watch?v=7728Dd0u1-E

How the Retirement Marketplace works for individuals - https://vimeo.com/358404420/a9f24f68d0

How the Retirement Marketplace works for businesses - https://vimeo.com/358404433/6e05ccd186

Take the Savers Pledge today to save more this year at https://americasaves.org/for-savers/pledge