The economy appears to be moving in the right direction, with the end of 2013 resulting in impressive gains. However, although consumer spending improved to 3.2 percent, a pace that hasn’t been seen for three years, and unemployment is down in 42 states and in the District of Columbia, when compared to a year ago, according to the U.S. Bureau of Economic Analysis (BEA) and the Bureau of Labor Statistics, there is still a lot of opportunity for improvement when it comes to personal savings. American consumers have decreased overall savings from 5 percent in September of 2013 to 3.9 in December.
Having sufficient savings is still one of the most important fundamentals of financial stability. After all, for many families, it only takes one unexpected expense to turn a minor financial setback into a real financial emergency. In an effort to build awareness of the importance of saving, America Saves Week was created as a national campaign to help individuals and families take steps to build an emergency savings fund and ultimately strive to build wealth through saving. This year, America Saves Week is February 24 through March 1.
Fortunately, saving money is a skill that anyone can learn. During America Saves Week, consumers have the opportunity to learn how to get out of debt, stop living paycheck-paycheck, and build a healthy savings cushion for the future. Visit AmericaSaves.org to get more information about America Saves Week, and to find free educational workshops.
To help support the America Saves movement, MMI financial educators will also offer free webinars and public community education workshops designed to improve overall finances.