INDY SAVES

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Georgia Saves An Introduction
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What is GeorgiaSaves?
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What is Georgia Saves?
An extension of the America Saves
program America Saves
is the National Campaign
that encourages Americans to save, build wealth,
and reduce debt.
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What is Georgia Saves?
It began with an alliance between the Consumer
Federation of America Foundation and the Ford
Foundation.
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What is Georgia Saves?

• It is sponsored by a broad based coalition of
  government, business, and non-profit groups at
  the national and local levels and is supported by
  major foundations.

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What is GeorgiaSaves?
America Saves campaigns have been
started in other cities including
Cleveland
Kansas City
Indianapolis
Charlotte

Philadelphia

• Georgia Saves will be the first statewide program

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What is GeorgiaSaves?
GeorgiaSaves Founding Partners
University of Georgia Cooperative Extension
Office of Family and Consumer Science

• The Georgia Consortium for Personal Financial
  Literacy
• Raise public awareness
• Develop an educational network of businesses
  and public
  agencies
• Track present research findings
• Recognize best practices
• Serve as a clearinghouse

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What is GeorgiaSaves?
Other Partners
(Also founding members of the GA Consortium
for Personal Financial Literacy)
Federal Reserve Bank of Atlanta Consumer Credit
Counseling Service Junior Achievement of
Georgia Georgia Council for Economic
Education Georgia Higher Education Assistance
Corp.
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What is GeorgiaSaves?
The goal of GeorgiaSaves is to encourage low-
to moderate-income Georgians to become savers.
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Why GeorgiaSaves?
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Why GeorgiaSaves?

• 25 of U.S. Households have net assets under
  10,000 and are considered wealth poor.

• 23 of lower-income Americans tend to have a
  growing anxiety about their adequacy of savings.

• Those who have not developed a personal financial
  plan have not done so for fairly predictable
  reasons the poor are most likely to say they
  don't have enough money to make it worthwhile.
• Source Consumer Federation of America

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Why GeorgiaSaves?

• In the first quarter of 2003, Georgia had 20,314
  personal bankruptcy filings.

• In 2002, Georgia was ranked 4 in the number of
  non-business bankruptcy filings.
• Source American Bankruptcy Institute
  Website-abiworld.org.

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Why GeorgiaSaves?

• The personal saving rate for the U.S. is at the
  lowest level in history.

• Families need to know how to plan their finances,
  cope with lack of adequate income effectively,
  control cash flow, manage credit and debt wisely,
  insure adequately, contribute to
  savings/investments regularly, pay necessary
  taxes but no more, prepare to retire at current
  living level, and pass assets to heirs.
• Source UGA Family Consumer Sciences Extension
  Services

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How Does GeorgiaSaves Work?
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How Does GeorgiaSaves Work?

• GeorgiaSaves provides no-cost financial mentoring
  through Wealth Coaches to motivate, guide and
  support Georgia Savers.

• Coaches help Savers set financial goals and
  develop a plan to reach their goals through
  increased savings and debt reduction.

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How Does GeorgiaSaves Work?
GeorgiaSaves Savings Strategies
Pay off high-cost debt
Home ownership before retirement
Participation in employer-sponsored retirement
programs
Save through automatic methods
Earn a fair return through safe investments
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GeorgiaSaves
in Ten Georgia Sites
Albany Athens Atlanta Augusta Columbus Macon Quitm
an Rome Savannah Swainsboro
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Who Makes GeorgiaSaves Work?
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Who Makes GeorgiaSaves Work?
Extension Agents Motivational Speakers Wealth
Coaches Savers Community Agencies and
Organizations Financial Institutions
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Who Makes GeorgiaSaves Work?
Extension Agents

• Cooperative Extension of UGA Family Consumer
  Science
• Oversee Coordinate Motivational Speakers
  Wealth Coaches
• Provide Training Workshops
• Work with Financial Institutions and Community
  Agencies and Organizations
• Promote Local Awareness

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Who Makes GeorgiaSaves Work?
Motivational Speakers

• Present Motivational Workshops
• Deliver the Message of GeorgiaSaves
• Introduce Georgia Saves Program
• Recruit Savers

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Who Makes GeorgiaSaves Work?
Motivational Speakers Training
Responsibilities
Complete the Motivational Speaker Training
(2 Hours ) Present Motivational Workshop
(2 -4 Hours per
Month) Share A Personal Story
Explain the Program Brochure
Form Explain Introduce the Wealth
Coaches Explain the Evaluation
Process Recruit Savers
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Who Makes GeorgiaSaves Work?
Wealth Coaches

• Coach 1 10 Savers
• Help Savers Set Goals and Develop Simple Monthly
  Savings or Debt Reduction Plans
• Provide Follow-up Phone Calls to Savers
• Recruit other Coaches and/or Savers

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How Does GeorgiaSaves Work?
Wealth Coaches Training
Responsibilities

• Training for 3-4 Hours
  
• Provide Coaching at Motivational Workshops
  (Approximately 1-2 Hours)
• Explain Georgia Saves Products
  (Specific Accounts set up at Financial
  Institutions)
• Make Sure Enrollment Form is Complete

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How Does GeorgiaSaves Work?
Wealth Coaches Training
Responsibilities

• Follow-Up With Each Saver
  (each month for 3 months then
  6 months later)
• Initial Meeting in Person
• Follow-Up Meetings Via Phone or Email
• Report to Extension Agent

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How Does GeorgiaSaves Work?
Savers

• Come from Targeted Companies/Groups/Organizations
• Attend Motivational Workshop
• Complete Evaluation Form
• Complete Brochure Form with Goal Setting
• Open Savings Account or Increase Saving
• Recruit Savers

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How Does GeorgiaSaves Work?
Financial Institutions

• Serve as GeorgiaSaves Financial Institutions
• Provide Regular Accounts or Establish Special
  GeorgiaSaves Accounts for Savers
• Can Offer Financial Education Programs
• Recruit Savers

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      Go to Georgia Maps page Go to
GeorgiaInfo table of contentsGo to GeorgiaInfo
home page
10 Pilot Sites
Rome
Athens
Atlanta
Augusta
Macon
Swainsboro
Columbus
Savannah
Albany
Quitman


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What Now?
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What Now?
Agree to be a GeorgiaSaves Coordinator or Partner
Financial Institution and Community Organizations
and Agencies
Recruit Wealth Coaches and Motivational Speakers
Contact Patrice Dollar at UGA Cooperative
Extension for More Information
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Georgia Saves