CAAB Launches DC Saves Campaign Encouraging Washingtonians to Save

DC Residents are Encouraged to Open a Bank or Credit Union Account, Set a Savings Goal, Make a Savings Plan and Save to Achieve their Financial Goals 

CAAB Launches DC Saves Campaign Encouraging Washingtonians to Save.

Washington, DC - February 26, 2018 - The District of Columbia has the highest rate of residents in the Washington metropolitan region not having a banking relationship. Almost 11% of District residents are unbanked: don't have a checking or savings account. Moreover, 25% of District residents are underbanked: have a checking or savings account but still use alternative financial services.

Today, Capital Area Asset Builders (CAAB) launched the DC Saves Campaign to encourage DC residents to start saving or improve their saving habits. The DC Saves Campaign is a part of America Saves Week.

"CAAB's work is guided by a vision of prosperity and financial security for all," said Rich Petersen, CAAB's Executive Director. "Savings is a key component to achieve both financial security and prosperity. The objectives of the DC Saves Campaign are to encourage DC residents to open a bank or credit union account, set a savings goal, make a savings plan and save automatically. This work is fully in alignment with CAAB's mission 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."

America Saves Week, February 26 to March 3, is a national annual campaign organized by the Consumer Federation of America to assist people to create savings plans, save more, reduce debt and build wealth.

CAAB will be partnering with DC-based partners like the DC Department of Insurance, Securities and Banking to promote savings amongst District residents and provide access to educational tools and resources.

"There are many District residents who do not have savings accounts or any banking relationships," said Stephen C. Taylor, Commissioner of the District of Columbia Department of Insurance, Securities and Banking. "On average, those without formal banking relationships spend $800 a year on check cashing and money order fees. By just opening an account, the savings from fees can go toward your saving goals, such as college, retirement or an emergency fund. I encourage District residents to take a moment this week to open a bank account if they do not have one, start a savings habit, and review an existing savings plan. By making saving a priority, you are investing in your financial health and personal well-being for years to come."

• Being banked;
• Setting-up an emergency savings fund;
• Saving and planning for college;
• Claiming the Earned Income Tax Credit;
• Saving your tax refund; and,
• Saving and planning for retirement.