United States Navy Personal Financial Management Program Fleet

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• Consumer Federation of America is located in
  Washington, D.C., and was founded in 1968. It is
  an association of more than 300 nonprofit
  pro-consumer groups Including Consumers Union,
  AARP, credit unions, housing co-ops, and
  grassroots organizations.

• America Saves is a national social marketing
  campaign that seeks to motivate and support low
  to moderate income households to save and build
  wealth.

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Characteristics of a Social Marketing Campaign

• Campaigns take many years to succeed
• Emphasize consequences that are both negative and
  positive, short and long term
• As the campaign progresses the change often
  accelerates
• Successful campaigns are integrated and
  coordinated
• Campaigns are aided by powerful, relentlessly
  communicated messages- short memorable, and
  motivational.
• Both national and local efforts are essential
• Public policy can provide critical support
• Each campaign is unique

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America Saves Campaign Goal

• Develop a financial plan
• Commit yourself to your financial plan

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Campaign Strategies

• Guiding Principle All strategies recognize that
  individual decisions to change are largely
  influenced by three factors.
• Analysis of Personal Costs (Costs)
• Perception of the expectations of others (Social
  Norms)
• Evaluation of whether one can success in changing
  behavior (Self-efficacy)

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Campaign Approach

• At America Saves we see individual Americans on
  a ten mile path to saving.

0 miles Don't understand the importance of
saving, so don't save.
3 miles Aware of this value, but don't believe
they are capable of saving, so don't do so.
10 miles Saving as effectively as they can,
which also means that they are effectively
managing their money and debts.
6 miles See the importance of saving and think
they might be able to do so, but haven't started
yet.
7 miles Have begun to save.
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America Saves Current Extent

• 113,209 Savers enrolled
• 51 Campaigns Enrolling Savers
• Tennessee, North Carolina, Texas, Wisconsin,
  Florida, Kansas, Maryland, Ohio, New Jersey,
  Utah, Colorado, Louisiana, Silicon Valley/South
  Bay, San Diego, El Paso, Kansas City, Northwoods
  (WI), Omaha, Pierce County (WA), Clark County
  (WI), Milwaukee (WI), Langley (VA), Cleveland,
  Miami Valley (OH), Hancock County (OH), Columbus,
  Ohio Valley (WV), Louisville (KY), Chattanooga
  (TN), Jefferson County (AL), Calhoun Country
  (AL), D.C., Central Iowa, Okaloosa County (FL),
  Gadsden County (FL), Tampa Bay (FL), Pasco County
  (FL), Miami, Peninsula Saves (VA), Philadelphia,
  Pittsburgh, Charlotte (NC), Virginia Tech, Kansas
  State University, Utah State University, America
  Saves, Hispanic America Saves, Black America
  Saves, Youth Saves, Military Saves, On Cars,
  Through Homeownership
• Financial Institutions
• 584 Financial Institutions including those that
  participate in local working groups, offer
  products to members of local campaigns, and those
  identified by savers as their saving institution
  of choice. Of these, 380 are Credit Unions and
  204 are Banks

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What Are People Saving For?

• Top 5 Goals by Number of Savers
• 20 Emergency Fund
• 15 Investment Savings
• 14 Homeownership
• 13 Debt Repayment
• (tie) 10 Retirement Savings
• (tie) 10 Education

• Top 5 Goals by Monthly Dollars Saved
• 15 Homeownership
• 11 Retirement
• 9 Emergency
• 9 Debt Repayment
• 9 Investment Savings

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Target Markets and Savings Strategies

• Target Markets
• Black Americans
• Hispanic Americans
• Faith Based Communities
• Military
• Youth

• Saving Strategies
• Homeownership
• Saving at Work
• Income Tax Refunds EITC
• Save on Car Purchases

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America Saves Campaign

• National Initiatives
• 1) America Saves Week
• 2) Savings During Tax Time

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What is America Saves Week?

• An annual opportunity to encourage and assist
  individuals to assess their savings progress and
  take action to advance this progress.  Although
  local campaigns do year-round programming, Saves
  Week includes a special set of activities,
  outreach, and visibility. Concentrating activity
  within the Week elevates the savings message and
  provides an organizing opportunity to engage a
  wide number of organizations and institutions.

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Results From Past America Saves Weeks

• In 2007, the pilot America Saves Week was held in
  February and saw participation from the national
  organizations, including
• Federal Reserve Board,
• United Way,
• Department of Defense,
• National Foundation for Credit Counselors,
• and Cooperative Extension, among other.
• Groups organized their own savings activities,
  which included workshops, roll your change
  events, piggy bank contests, payroll stuffers and
  electronic communications.
• In 2008, over 80 groups and companies
  participated in America Saves Week, which
  represents a remarkable growth in participation
  from 2008. This was in part due to a new
  partnership with the American Savings Education
  Council.

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America Saves Week 2008 87 Participating
National Organizations

• Government AgenciesFederal Citizen Information
  Center, General Services InformationFederal
  Deposit Insurance CorporationFederal Reserve
  BoardFederal Trade CommissionInternal Revenue
  ServiceMissouri State Employees Retirement
  SystemOhio Treasurer of StateSecurities and
  Exchange CommissionSocial Security
  AdministrationU.S. Department of Agriculture,
  Cooperative State, Research, Education and
  Extension ServicesU.S. Department of
  DefenseArmed Forces Tax CouncilDepartment of
  the Air ForceDepartment of the ArmyDepartment
  of the NavyU.S. Coast GuardU.S. Marine
  CorpU.S. Department of Labor, Employee Benefits
  Security AdministrationU.S. Department of the
  TreasuryU.S. Postal ServiceWashington
  Department of Financial InstitutionsWashington
  State Department of Retirement ServicesWisconsin
  Department of Financial Institutions
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CompaniesAmerican Express CompanyBank of
AmericaCapital One Capital Research and
ManagementCiti FoundationCountrywide
BankDeseret Mutual Benefit Administrators
Edelman Financial Services, LLCFidelity
Investments GlaxoSmithKlineGreenwald
Associates HR BlockHartford Life Insurance
CompanyMerrill Lynch MetLifeNational City
BankPrudential FinancialRussell
InvestmentsSegal CompanyTIAA-CREFTowers
PerrinWachoviaWashington Mutual Wells Fargo
Bank, NA
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National Participating Groups, Continued

• Non-Profit Organizations
• AARP
• American Institute of Certified Public
  Accountants 
• 360 Degrees of Financial Literacy
• American Society of Military Comptrollers
• Armed Forces Financial Network
• Aspen Institute Initiative on Financial Security
• Center for Financial Services Innovation
• Consumer Federation of America
• Consumer University
• CUPA-HR
• Employee Benefit Research Institute
• Family, Career and Community Leaders of America
• FINRA Investor Education Foundation
• SaveAndInvest.org
• HR Policy Association 
• InCharge Education Foundation
• International Foundation of Employee Benefit
  Plans
• Jump tart Coalition for Personal Financial
  Literacy

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• Industry Trade Associations
• American Bankers Association
• American Council of Life Insurers         
• American Society of Pension Professionals and
  Actuaries
• Association of Military Banks of America
• Consumer Bankers Association
• Credit Union National Association    
• Defense Credit Union CouncilIndependent
  Community Bankers of America
• Investment Company Institute
• National Association of Federal Credit Unions

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Varied Levels of Participation

• Level 1 focuses on awareness and marketing.
• Level 2 includes building and expanding local
  partnerships.
• Level 3 consists of organizing a local America
  Saves Week.

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Level OneIndividual Program Campaign

• Evaluation Measures
• Number of brochures distributed
• Number of completed enrollment forms (savers)
• Number of published or aired media pieces

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Level Two Organization plus at least one
partner

• Evaluation Measures
• Level One measures plus
• Speaker evaluation of motivational workshops and
  impact of presentation
• If part of ongoing campaign, conduct 3 month
  follow up.
• Number of volunteer hours contributed

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Level Three Multi-organization Campaign Network

• Evaluation Measures
• Same as Levels One and Two, plus
• Number of coalition members and community
  supporters
• List of actions taken by coalition members, e.g.
  no fee savings accounts opened by Financial
  Institutions, new IDA accounts opened, number of
  participants signed up for America Saves,
  participant commitment to savings
• Funding received from grants or community partners

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What America Saves Provides

• Marketing and Resource Kit
• Posters
• Brochures
• Membership cards
• Website
• Technical assistance at campaign level
• Training for motivational presenters and wealth
  coaches.
• Work with coalition and lenders on campaign
  development
• Media outreach

• Newsletters
• Other materials as necessary
• Database
• National Savings Forum

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Core Components of a Local Campaign

• Financial Products
• Motivational Workshops
• Wealth Coaches
• Financial Resources
• Organizational Marketing
• Community Wide Marketing
• Saver Enrollments

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Characteristics of a Successful Local Campaign

• Committed, energetic, competent leadership
• Broad-based working Group/Campaign Coordinating
  Committee that meets regularly
• Agreed upon campaign goals with written plan to
  achieve goal
• Committees coordinating campaign component
  development and implementation
• Robust organizational marketing plan
• Campaign Infrastructure designed to go to scale
• Clear Communications
• To Markets
• To Volunteers
• Financial resources
• Sustainability Plan

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