DC Residents are Encouraged to Set a Savings Goal,
Make a Savings Plan and Save Automatically
CAAB Launches DC Saves Campaign Encouraging DC Residents to Save
Washington, DC is in the bottom 5 states in the nation with regard to its residents not having a banking relationship. Almost 25% of DC residents don’t have savings accounts and over 11% have no banking relationships at all, according to the Corporation for Enterprise Development (CFED). This week, Capital Area Asset Builders (CAAB) is launching the DC Saves Campaign to encourage DC residents to start saving or improve their saving habits as part of America Saves.
“Our work is guided by a vision of prosperity and financial security for all,” said Rich Petersen, CAAB’s Executive Director. “The objective of the DC Saves Campaign is to incentivize DC residents to take control of their finances, increase their savings and build wealth for a better future.”
America Saves Week, February 23 to February 28, is a national annual campaign organized by the Consumer Federation of America and the American Savings Education Council to help people create savings plans, save more, reduce debt and build wealth.
CAAB will be partnering with the D.C. Department of Insurance, Securities and Banking and its Bank on DC program to provide educational tools to DC residents.
“These days, saving can seem like a challenge when many people are still living paycheck to paycheck or have very limited savings,” said Chester A. McPherson, acting commissioner of the D.C. Department of Insurance, Securities and Banking. “But if you start saving $25 now, every two weeks for a year, that’s $650. It might be enough for an emergency fund or to help pay down debt. I encourage DC residents to use the many resources that will be provided by the DC Saves Campaign. By making saving a priority, you are investing in your financial health and personal well-being for years to come.”
Throughout the week, CAAB will share savings tips on its website and through social media. In addition, CAAB will also promote savings with media engagements and in-person presentations.
To learn more about the DC Saves Campaign and for savings tips please visit www.caab.org. Also, like us on Facebook or follow us on Twitter for daily savings tips and more throughout this week.
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ABOUT CAAB
Capital Area Asset Builders (CAAB) is a not-for-profit organization working to empower low- and moderate-income residents of the Greater DC area to take control of their finances, increase their savings and build wealth for a better future.
