Department of Financial Institutions
Governor Proclaims Kentucky Saves Week

Press Release Date:  Monday, February 22, 2010  
Contact Information:  Kelly May, Public Information Officer
502-573-3390 x252
800-223-2579 x252
kelly.may@ky.gov
 


   FRANKFORT, Ky. – (Feb. 22, 2010) – This week marks an opportunity for everyone in Kentucky to consider ways to save money and reduce debt. Gov. Steve Beshear has proclaimed Feb. 21-28, 2010 as Kentucky Saves Week.

   “Kentucky is a partner in the America Saves campaign and is committed to helping citizens build wealth, not debt,” said Gov. Beshear. “Through the campaign, Americans are called upon to make a personal commitment to save. After you determine your savings goals, you can find out how to reach them with resources from state government agencies such as the Kentucky Department of Financial Institutions.”

   The Kentucky Department of Financial Institutions (DFI) offers information online at www.kfi.ky.gov/public/ about how to obtain and manage credit, as well as how to invest and avoid securities fraud. DFI also offers financial literacy resources to teachers and presents public workshops throughout the year.

   Kentuckians can also find help on many issues such as finance, taxes, health and employment through the Governor’s Web page on helping Kentuckians in tough economic times, www.assistance.ky.gov/.

   Studies show that many 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.

   “Even saving small amounts can add up quickly, and the earlier you start saving, the more interest you could earn,” said DFI Commissioner Charles Vice. “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 a set amount of money into savings from each paycheck before meeting other obligations or spending it elsewhere.
  • Pay down debt by an extra $25 each month.
  • Start a retirement plan, such as a 401k or IRA, 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 was founded in 2001 to encourage Americans to save money, reduce debt and build wealth. About 1,000 organizations in over 50 local areas participate. More than 175,000 people are enrolled as American Savers. Their top savings priorities include: emergency fund, investing and homeownership.

   Joining Gov. Beshear and DFI in supporting Kentucky Saves Week 2010 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 and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence and encouraging economic opportunities.

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