Savings

Helping Americans Achieve Financial Opportunities

In July 2014, a Federal Reserve study concluded that the majority of Americans could not afford an unexpected $400 expense unless they borrowed money or sold assets (Report on the Economic Well-Being of U.S. Households in 2013, July 2014).

But how can consumers save money when they are struggling to cover monthly expenses?

For over ten years, CFSI has been innovating to answer this question, and we believe the answer lies in a holistic approach. By supporting the design of quality saving products coupled with financial education, CFSI aims to influence consumers’ daily financial behaviors. For example, tools such as prized-linked savings programs or savings sub-accounts on prepaid cards can encourage savings and inspire consumers to embrace new behaviors. In late 2014, Congress passed The American Savings Promotion Act, allowing banks and credit unions across the country to offer prizes to encourage savings. 

Tune into the Latest in Prize-Linked Savings

 


Well-designed prepaid cards and payroll systems can reduce the fees consumers face, and those savings can be directed into accounts to build resilience. 

CFSI invites our network of partners to contribute their support and ideas as we implement our financial health framework through products and practices in the financial marketplace to drive a healthier future.


Top Resources 


2016 Financially Underserved Market Size Study explores the approximately $141 billion in fees and interest spent by financially underserved consumers in the U.S. during 2015 to borrow, spend, save, and plan across 28 financial products.

Applying Compass Principles to Savings Products provides examples of how to apply each of the four Compass Principles to savings products.

The Success of Prize-Linked Savings profiles an innovative savings product tested by CFSI grantee Doorways to Dreams Fund.

An Invisible Finance Sector - How Households Use Financial Tools of Their Own Making provides an early glimpse of USFD findings, addressing subjects such as “informal” savings.

The Latest In Savings

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