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*America Saves Week*

February 24 -- March 2, 2008

A Guide for Extension Educators:

Press releases

This working paper was prepared by a team of Cooperative Extension
professionals and the *America Saves* team at the Consumer Federation of
America. To access the most current version of this document on-line, go
to <http://www.csrees.usda.gov/nea/economics/fsll/edu_saves.html>

July 2007

**For further information and questions, contact**

Nancy Register, Director, *America Saves*, <nregister@consumerfed.org>
or

Jane Schuchardt, National Program Leader, CSREES, USDA,
<jschuchardt@csrees.usda.gov>

***America Saves Week* Extension Leadership Team**

[Southern Region]{.underline}

Jennifer Abel <jabel@vt.edu>

*Virginia Cooperative Extension, Arlington County*

Elaine Courtney <ecourtney@co.okaloosa.fl.us>

*University of Florida Extension, Okaloosa County*

June Puett <jpuett@utk.edu>

*University of Tennessee Extension*

[Northeast Region]{.underline}

Barbara O'Neill <oneill@aesop.rutgers.edu>

*Rutgers Cooperative Extension*

[Western Region]{.underline}

Patti Wooten-Swanson <pwswanson@ucdavis.edu>

*University of California Extension*

[Central Region]{.underline}

Caezilia Loibl <loibl.3@osu.edu>

*Ohio State University Extension*

Carol Young <cyoung@oznet.ksu.edu>

*Kansas State University Extension*

**The following pages provide extension educators with the following
resources and tools for a successful *America Saves Week*:**

Item Page

[*America Saves Week* Sample Press Releases
3](#__RefHeading___Toc170715276)

[Sample *America Saves Week* Proclamation
9](#__RefHeading___Toc170715277)

[]{#__RefHeading___Toc170715276 .anchor}*America Saves Week* Sample
Press Releases

Prepared by: Cäzilia Loibl, The Ohio State University and June Puett,
University of Tennessee Extension

**Press Release Example 1**

        COLUMBUS, Ohio \-- The nation\'s savings rate is abysmal \--
measured at minus-1 percent for 2006. That means as a whole, Americans
spent 1 percent more than they earned last year. According to the
Commerce Department, this savings rate is the lowest since the Great
Depression.

        

        It wasn\'t always this way. In 1984, the national savings rate
was more than 10 percent. Today, most Americans don\'t have enough
savings for an emergency fund (which should amount to three to six
months of expenses in easily-accessible accounts), much less for
retirement or other long-term savings goals.

        

        That\'s why Feb. 25-March 4, 2007 has been designated as
*America Saves Week*. *America Saves* is a national campaign to
encourage individuals, especially low- and moderate-income households,
to save money, reduce debt and build wealth. More than 61,000 people
have signed up to take part in America Saves since its debut in 2001.

        

        *America Saves* has two major goals, said Caezilia Loibl, family
financial management specialist for Ohio State University Extension.
First, it encourages individuals to save a certain amount each month
toward a specific goal \-- to buy a home or a car, for example, or to
build an emergency fund or save for retirement. It also aims to increase
accessibility to savings accounts, most of which charge fees for
accounts with low balances. \"That discourages people who don\'t have a
lot of money from starting to save,\" Loibl said.

        

        Individuals can sign up to join *America Saves* on its website,
[http://www.americasaves.org](http://www.americasaves.org/)
\<<http://www.americasaves.org/>\> . In doing so, they get a
subscription to the quarterly *American Saver* newsletter and access to
volunteer financial planners recruited by the Financial Planning
Association.

        

        In addition, 53 local \"*Saves*\" organizations have been formed
throughout the nation, with banks and other financial institutions
partnering to offer free or low-fee savings accounts.

        

        Ohio\'s *Cleveland Saves* formed in 2001 as the campaign\'s
pilot project and now has nearly 9,000 Cleveland Savers. Elsewhere in
the state, O.S.U. Extension has taken the lead or partnered with other
organizations to form other local campaigns, including *Columbus Saves*,
*Hancock County Saves* and *Miami Valley Saves*, which is just about to
launch, Loibl said.

        

        \"We\'re also getting groups together in other parts of the
state, but they\'re still at the beginning stages,\" Loibl said. \"All
in all, between 10,000 and 11,000 individuals are currently
participating throughout the state. The local campaigns are a wonderful
tool to build networks of people and institutions throughout a county
who want to work together to help people build wealth and reduce debt.\"

        

        Loibl recently surveyed people participating in *Columbus
Saves*, which launched in October 2004. Of the 178 people who responded,
the most-often saved amount was \$50 a month, Loibl said. Some people
saved significantly more, which skewed the average monthly savings up to
\$137 a month. In addition, Loibl was surprised to find that study
participants who had set a specific savings goal for themselves tended
to save less than those who simply promised themselves to build their
savings. \"I was surprised,\" Loibl said. \"But it may be better to say,
\'I\'ll save a little bit every month\' than to set a specific goal for
yourself, because if you don\'t reach that goal, you may feel like
giving up. But the most important thing to do is to pay yourself first
\-- whenever you get a check, put some money in your savings account
before doing anything else.\"

        

        For more information on family finances or the *Saves* programs
throughout Ohio, contact Loibl at loibl.3@osu.edu or (614) 292-4226. Or,
make these contacts for local programs:

        

        

        *Columbus Saves*, contact Susan Shockey, family and consumer
sciences educator with the Franklin County office of Ohio State
University Extension, at shockey.3@osu.edu or (614) 866-6900.

        

        *Hancock County Saves*, contact Angela Crist, program
coordinator with the Hancock County office of OSU Extension, at
crist.66@osu.edu or (419) 422-3851.

        

        *Miami Valley Saves*, contact David T. Dewberry, executive
director of *Miami Valley Saves*, criaa@hocgd.org or (937) 853-1605.

        

        *West Central Ohio Saves*, contact Nancy Recker, family and
consumer sciences educator for O.S.U. Extension in Allen County, at
recker.22@osu.edu or (419) 222-9946.

        

        *Wayne County Saves*, contact Marcia Brueck, information
associate for O.S.U. Extension in Wayne County, at brueck.1@osu.edu or
(330) 264-8722.

        

        *Fairfield County Saves*, contact Cora French-Robinson, family
and consumer sciences educator for O.S.U. Extension in Fairfield County,
at french-robinson.1@osu.edu or (740) 653-5419.

        

        

**Press Release Example 2**

First Ever *Tennessee Saves Week* Celebration

Local *Tennessee Saves* campaign organizers are proclaiming February 25
-- March 4, 2007 as *Tennessee Saves* *Week*. Community organizations
are collaborating to increase awareness on the need to save money,
reduce debt and build wealth. The current national savings rate is 0%,
something that has not occurred since the Great Depression. Consumer
debt has increased by 38% over the last year according to a recent
survey. "Tennesseans are taking on more debt and saving less than ever
before," says University of Tennessee Extension Agent and *Tennessee
Saves* coalition member June Puett.

*Tennessee Saves*, a local affiliate of the *America Saves* campaign,
has made significant progress in the last three years, helping over
6,000 Tennesseans of all ages and incomes to save money and reduce debt.
By becoming Tennessee Savers, these individuals have committed to an
annual savings goal of \$3.7 million. Program participants were able to
save \$1,268,121 last year, as well as pay \$448,610 toward personal
debt.

Campaign organizers are using the week to promote events and resources
to motivate Tennesseans as well as those in neighboring states to take
steps toward a more secure financial future. Contact June Puett with
University of Tennessee Extension at 855-6113 or jpuett@utk.edu for more
information and seminar registration.

> ***Tennessee Saves Week* Events:**

-   Hamilton County Commission meeting - March 1: Resolution proclaiming
    *Tennessee Saves Week*

-   Free Community Seminars (seating is limited - registration required)

    -   ***Who Wants to be a Millionaire?***

> March 1 @ 6:00-7:30 @ Chattanooga Urban League, 730 MLK Blvd.
>
> Learn how much money you should be saving, where to find money to
> save, calculate your net worth, effective budget tips, etc.

-   ***Credit Pitfalls***

> March 27 @ 6:00-7:30 @ Consumer Credit Counseling Service, 221A Olan
> Mills Dr.
>
> Learn how much credit is too much, options on getting out of debt, how
> to rebuild poor credit history, etc.

-   ***Buying A Home***

> April 3 @ 6:00-7:30 @ Chattanooga Neighborhood Enterprise, 1301 Market
> St.
>
> How much house can you afford, interest rates make a difference, what
> is involved in home ownership, etc.

-   Free Tax Preparation offered by VITA volunteers. Call the
    Chattanooga info. line at 311 for site listings coordinated by the
    Urban League & IRS. VITA volunteers will enroll Tennessee Savers &
    provide motivational kits to encourage wise use of tax refunds.

-   *Tennessee Saves* Day on Capital Hill in Nashville - February 28:
    Governor's proclamation

-   Volunteer opportunities to teach financial skills to high school
    students:

    -   ***Who Wants to be a Millionaire?*** program for 11^th^ grade -
        includes savings, investment & credit issues.

    -   ***Get a Job*** for 10^th^ grade - includes interview & job
        search skills.

    -   ***Reality Check*** for 9th grade - financial simulation based
        on income & expenses for a month.

-   Piggy Bank Pageants - Hamilton County 4-H'ers will design & create
    piggy banks for in- school contests February 26-29. Winning banks
    will be displayed at local financial institutions during *Saves
    Week*. Elementary schools students will set savings goals to help
    establish early savings habits.

-   Money Poster Contest - UTC Students in Free Enterprise are
    sponsoring a poster contest with local 4^th^ & 5^th^ grades. Winning
    posters will be displayed in local businesses and will compete for
    savings' bonds.

-   UTC SIFE students' campus display

-   Motivational information will be included with city & county
    employee paychecks.

-   Media coverage, 15- & 30-second public service announcements & other
    media resources are available for community use.

Local *Tennessee Saves* partners include University of Tennessee
Extension, Urban League of Greater Chattanooga, Internal Revenue
Service, City of Chattanooga, Hamilton County, Chamber of Commerce
Workforce Development Committee, University of Tennessee - Chattanooga
Students in Free Enterprise, Chattanooga State, Tennessee Valley Credit
Union, Suntrust Bank, Dupont Community Credit Union, Benton Banking,
Southern Credit Union, First Volunteer Bank, Tennessee Credit Union,
First Bank of Tennessee, Chattanooga Chapter of Tennessee Credit Union
League, AmSouth Bank and First Tennessee Bank.

**Press Release Example 3**

NASHVILLE, Tennessee \-- Got a few coins handy? Who says you've got to
spend them? Dropping them in a piggy bank might be a good idea.

It's all part of "*Tennessee Saves Day*" at the State Capital Building
in Nashville on February 28, 2007. The event starts at 10 a.m. in the
Legislative Plaza across from the House Speaker's Office.

At "*Tennessee Saves Day*," information booths will be set up to
encourage legislators to support increased financial education for all
Tennesseans, and urge anyone who stops by to make saving money a
life-long habit. In addition, piggy banks made by kids in the
"*Tennessee Saves At School*" program will be on display.

Representatives of the Tennessee Saves Coalition will be joined at this
event by Rep. Stratton Bone of Lebanon (46^th^ District) and Rep. Harry
Brooks of Knoxville (19^th^ District). Both lawmakers have sponsored
legislation in the past designating a special observance of "*Tennessee
Saves Day*." In addition, Governor Phil Bredesen has signed a
proclamation designating the week of February 24 as "*Tennessee Saves
Week*."

University of Tennessee Extension agents are among the leaders statewide
who coordinate the *Tennessee Saves* program. Extension leaders have
implemented *Tennessee Saves* programs now in 61 counties, and reached
more than half a million Tennesseans last year with financial
information. A total of 165 banks, credit unions, and local financial
education partners were involved in local and regional activities last
year promoting *Tennessee Saves*, and nearly five thousand volunteers
helped out.

"Perhaps now, it's never been more important for people to save money,"
says Dr. Dena Wise, a family and consumer specialist with U.T.
Extension. "It's important to put money into retirement plans like
401Ks, but also in traditional savings accounts. That way you've got
money handy for life's emergencies."

Saving money is something Tennesseans -- and many Americans -- aren't
doing very well. The U.S. Commerce Department reports that savings rates
have dropped to Depression-era lows, and actually total a negative
percentage now. In addition, Tennessee remains one of the worst states
for personal bankruptcies. Tennesseans -- like many Americans -- carry
heavy consumer debt, especially on credit cards. U.S. consumers owe more
than \$500 billion dollars on credit cards, an average of about \$8,000
per household that uses revolving credit.

Dr. Wise says heavy consumer debt is especially a problem for young
people in the 18-to-24 age group, and it hurts their ability to save.
"When too much of your money goes to pay off debt, you can't invest. You
can't save," Wise says. "When a good bit of your money goes for credit
card bills, that's money that doesn't have the capacity to grow."

Wise says the old saying about time truly being on the side of young
people is particularly true when it comes to money. If a young person
right out of high school invests just fifty dollars a month and earns an
average of 8% annually -- they would have more than one million dollars
in that account at retirement.

The event will also include displays of piggy banks made by kids who are
part of the "*Tennessee Saves at School*" program. It's a curriculum
where children learn about money, and how it's important to keep some of
what you earn.

"We're certainly in a very elementary way teaching them saving and how
that grows as you save over time so that your money is working for you
while you put it aside in a safe place," says Pat Whitaker, an U.T.
Extension agent in Rutherford County.

*Tennessee Saves* is expanding in 2007. The program is being introduced
as a worksite-education program. More than 75 corporations across
Tennessee have requested information about teaching employees about
saving and investing.

The *Tennessee Saves* *Coalition* includes partnerships between
University of Tennessee Extension, the Tennessee Department of Financial
Institutions, the Tennessee Jumpstart Coalition, the Tennessee Housing
Development Agency, the Federal Reserve, and other financial
institutions, and education and government agencies.

Contact: Dr. Dena Wise (865) 974-8198 -
[[dkwise@utk.edu]{.underline}](mailto:dkwise@utk.edu)

For more information, contact Chuck Denney at 865-974-7367 or
[[cmdenney@utk.edu]{.underline}](mailto:cmdenney@utk.edu)

[]{#__RefHeading___Toc170715277 .anchor}Sample *America Saves Week*
Proclamation

Prepared by: George Barany, Consumer Federation of America

Please note that this text requires personalization as indicated by
*italics.*

**2008 *AMERICA* *(or community or organization name) SAVES WEEK***

**BY *(TITLE OF OFFICIAL MAKING PROCLAMATION)***

**A PROCLAMATION**

**WHEREAS,** personal and household savings is fundamental to America's
*(or community or organization)* stability and vitality; and

**WHEREAS,** adequate emergency savings, retirement funds, and safe
debt-income ratios are critical components of personal financial
security; and

**WHEREAS,** *America Saves* is a national social marketing campaign to
persuade, encourage, and motivate Americans to take financial action in
building wealth through saving money and reducing debt; and

**WHEREAS,** *(name of organization or community)* is a partner in the
*America Saves* campaign and is committed to helping its *(members,
citizens, clients, customers, and/or employees)* take immediate
financial action to build wealth, not debt;

**NOW, THEREFORE,** *(I, Name, Title, or name of governing body)*
do/does hereby proclaim the February 24 -- March 2, 2008 as

***AMERICA* *(or community or organization name)* *SAVES WEEK***

**AND DO DECLARE *(statement of America Saves Week related goal)***

***I/WE* HEREBY** call upon all *(members, citizens, clients, customers,
and/or employees)* to *(increase 401k contributions, start or increase
an emergency fund, challenge employees or customers to save, or other
goal-related action)* or take another positive wealth-building action
during *AMERICA* *(or community or organization name)* *SAVES WEEK*, and
pledge to sustain that action during the following year.

**IN WITNESS WHEREOF**, *I/we* have hereunto set *my/our hand(s)* this
*(date)* day of *(month), 2007/08*.

*(Signature/s)*