Department of Financial Institutions
Kentucky Supports America Saves Week
FRANKFORT, KY (Feb. 20, 2009) – Gov. Steven L. Beshear today signed a proclamation urging Kentucky citizens to save money in 2009 in honor of America Saves Week, Feb. 22 - March 1.
“Personal saving is fundamental to the commonwealth’s stability and vitality,” said Gov. Beshear. “I call on all citizens to save money or reduce debt and to pledge to continue that commitment throughout this year.”
The Kentucky Department of Financial Institutions (DFI) is supporting the governor’s call by offering a free public workshop on saving money at the Lexington Public Library. “Pay Yourself First” will be presented at 7 p.m. Tuesday, Feb. 24, at the central library, 140 East Main St. Free materials and information will cover ways to save money, plan for the future and understand savings and investment accounts. To register, call 859-231-5532.
“America Saves Week is a great time to analyze your personal budget and to commit to save money for yourself and your future,” said DFI Commissioner Charles Vice. “The Lexington library workshop is one of many public outreach events DFI offers throughout the year to help Kentuckians make wise and safe financial decisions.”
Studies show that most Americans do not have adequate savings to meet major emergencies, let alone enough savings for retirement. The typical American household has less than $100,000 in net wealth, including home equity and 401k accumulations, and only about $10,000 in net financial assets. Lower income families have much fewer resources.
“The national savings rate recently has been at its lowest point since the Great Depression,” Vice said. “Starting small can have big results. Try one or two of the tips below to start your personal savings commitment.”
- Sign up as an American Saver at www.AmericaSaves.org and receive a free newsletter with tips for reaching your goals.
- Pay yourself first – put into savings a set amount of money from each paycheck before meeting other obligations or spending it elsewhere.
- Start a retirement plan, either through your employer or on your own. If you already have one, consider increasing your regular contribution.
- Consider investing your money. Before you invest, check out the product and the person selling it by calling DFI at 800-223-2579 or visiting www.kfi.ky.gov/public/invest.htm.
America Saves is a seven-year-old effort to encourage Americans to save money, reduce debt and build wealth. About 1,000 organizations in over 50 local areas participate. More than 100,000 people have enrolled as American Savers. Their top savings goals are: emergency fund, investing and homeownership.
Joining Gov. Beshear and DFI in supporting America Saves Week in Kentucky are government and nonprofit groups such as: the Kentucky Jump$tart Coalition for Personal Financial Literacy®, University of Kentucky Cooperative Extension, Green River Asset Building Coalition in Owensboro, the Kentucky Department of Education and Family, Career and Community Leaders of America (FCCLA).
DFI is an agency in the Public Protection Cabinet. It supervises the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve Kentucky residents by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities.