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.

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

America Saves Campaign Goal

• Develop a financial plan

• Commit yourself to your financial plan

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)

Campaign: Approach• “At America Saves we see individual Americans on a

ten mile path to saving.” 0 milesDon't understand the importance of saving, so don't save.

3 milesAware of this value, but don't believe they are capable of saving, so don't do so.

6 milesSee the importance of saving and think they might be able to do so, but haven't started yet.

7 miles Have begun to save.

10 miles Saving as effectively as they can, which also means that they are effectively managing their money and debts.

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

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

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

America Saves Campaign

National Initiatives:

1) America Saves Week

2) Savings During Tax Time

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.

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.

America Saves Week 2008: 87 Participating National Organizations

Government AgenciesFederal Citizen Information Center, General Services Information

Federal Deposit Insurance CorporationFederal Reserve Board

Federal Trade CommissionInternal Revenue Service

Missouri State Employees’ Retirement SystemOhio Treasurer of State

Securities and Exchange CommissionSocial Security Administration

U.S. Department of Agriculture, Cooperative State, Research, Education and Extension Services

U.S. Department of DefenseArmed Forces Tax CouncilDepartment of the Air Force

Department of the ArmyDepartment of the Navy

U.S. Coast GuardU.S. Marine Corp

U.S. Department of Labor, Employee Benefits Security Administration

U.S. Department of the TreasuryU.S. Postal Service

Washington Department of Financial InstitutionsWashington State Department of Retirement

ServicesWisconsin Department of Financial Institutions

 

CompaniesAmerican Express Company

Bank of AmericaCapital One

Capital Research and ManagementCiti Foundation

Countrywide BankDeseret Mutual Benefit Administrators

Edelman Financial Services, LLCFidelity Investments

GlaxoSmithKlineGreenwald & Associates

H&R BlockHartford Life Insurance Company

Merrill Lynch MetLife

National City BankPrudential FinancialRussell Investments

Segal CompanyTIAA-CREFTowers Perrin

WachoviaWashington Mutual

Wells Fargo Bank, NA

National Participating Groups, Continued

Non-Profit OrganizationsAARP

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 AmericaConsumer University

CUPA-HREmployee Benefit Research Institute

Family, Career and Community Leaders of AmericaFINRA Investor Education Foundation

SaveAndInvest.orgHR Policy Association 

InCharge® Education FoundationInternational Foundation of Employee Benefit PlansJump $tart Coalition for Personal Financial Literacy

Money Management International National Cooperative Bank

National Council on Economic Education National Endowment for Financial EducationNational Foundation for Credit Counseling

National Military Family Association New America Foundation

North American Securities Administrators AssociationOperation Hope

The Retirement Security ProjectUnited Way

Washington Society of CPAsWomen's Institute for a Secure Retirement

WorldatWork

 

Industry Trade AssociationsAmerican 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 Council

Independent Community Bankers of AmericaInvestment Company Institute

National Association of Federal Credit Unions

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.

Level OneIndividual Program Campaign

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

Activities Dec. Jan. Feb. Mar. Apr.

Promote event • • • •  

Plan ASW activities • •      

Enroll savers • • • • •

Publish press release     • •  

Evaluate ASW       • •

Publish post-ASW press release         •

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

Activities Nov. Dec. Jan. Feb. Mar. Apr.

Promote event • • • • • •

Partner with community organizations and financial institutions • • • • • •

Plan ASW activities   • •      

Enroll savers   • • • • •

Publish press release       • •  

Organize post-ASW event       • •  

Evaluate ASW         • •

Publish post-ASW press release           •

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

Activities Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.

Partner with community organizations and financial institutions • • • • • • • •

Develop master activity list   • • • • •    

Promote event   • • • • • •  

Enroll savers       • • • • •

Publish press release           • •  

Organize post-ASW event           • •  

Evaluate ASW             • •

Publish post-ASW press release               •

What America Saves Provides

Marketing and Resource KitPostersBrochuresMembership cardsWebsite

Technical assistance at campaign levelTraining 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

Core Components of a Local Campaign

• Financial Products

• Motivational Workshops

• Wealth Coaches

• Financial Resources

• Organizational Marketing

• Community Wide Marketing

• Saver Enrollments

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