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America Saves Week Encourages DC Residents to "Set a Goal, Make a Plan and Save Automatically"

Thursday, February 21, 2013

America Saves Week Encourages DC Residents to "Set a Goal, Make a Plan and Save Automatically"

Department joins Bank on DC, Operation Hope, Capital Area Asset Builders and the DC Financial Literacy Council for week-long savings campaign.

The DC Department of Insurance, Securities and Banking is participating in America Saves Week from Feb. 25 to March 2 to encourage DC residents to build wealth through savings. The Consumer Federation of America and the American Savings Education Council organized the campaign to help people create savings plans, save more, reduce debt and build wealth.

Thirty percent of DC households do not have savings accounts, according to a recent Federal Deposit Insurance Corp. survey. In addition, 11 percent of DC households are “unbanked,” or have no bank accounts, and often rely on expensive check-cashing services.

“America Saves Week is a great opportunity to educate DC residents about the importance of saving and to let them know about the local financial resources available,” said William White, commissioner of the Department of Insurance, Securities and Banking. “The department is pleased to partner with America Saves to help residents manage their financial future.”

During America Saves Week, the department and its partners will promote savings with free financial education workshops at nine DC Earned Income Tax Credit locations in the District and publicize savings strategies through social media. In addition, the District’s Financial Literacy Council will promote savings through public-service announcements and circulate information to their participating organizations. Bank on DC will assist residents in signing up for bank accounts and Capital Area Asset Builders and Operation Hope will host the following workshops, open to the public:

Capital Area Asset Builders and Operation Hope’s Sponsored Workshops

Workshop Location Date and Time Sponsor
Savings and Investing 1444 I (Eye) Street, NW, Suite 201 Thursday, Feb. 21, 6 pm – 9 pm CAAB
Retirement 1444 I (Eye) Street, NW, Suite 201 Thursday, Feb. 28, 6 pm – 9 pm CAAB
Small Business Seminar HOPE Financial Dignity Ctr., 2509 Good Hope Rd., SE Thursday, March 2, 11 am – 2 pm Operation Hope
Estate Planning 1444 I (Eye) Street, NW, Suite 201 Thursday, March 2, 6 pm – 9 pm CAAB
Insurance 1444 I (Eye) Street, NW, Suite 201 Thursday, March 14, 6 pm – 9 pm CAAB
College Planning 1444 I (Eye) Street, NW, Suite 201 Thursday, March 21, 6 pm – 9 pm CAAB

For more information on CAAB workshops, contact Linda Easley Stroman, Director of Financial Education, on (202) 419-1440 ext.109.  For the Operation Hope seminar, call (202) 582-2212.

To learn more about America Saves Week and for additional savings tips, visit americasavesweek.org. Also, follow us on Twitter for more information at @DCDISB or our partners at @bankondc and @OperationHope.

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About the Department of Insurance, Securities and Banking

The District of Columbia Department of Insurance, Securities and Banking has two missions: to fairly and efficiently regulate financial services in order to protect the people of the District of Columbia; and to attract and retain insurance, securities, banking and other financial-services businesses to the District. For more information, visit www.disb.dc.gov.

Bank on DC

Bank on DC is a collaborative effort between District government, financial institutions, and non-profits whose mission is to provide mainstream access to financial services, products, and financial education to unbanked and under-banked households in the DC Metro Area. For more information about Bank on DC, visit www.bankondc.org.

Capital Area Asset Builders

Capital Area Asset Builders puts people on the road to financial independence. Our programs help low and moderate income individuals and families improve their money management skills, increase their savings, and build wealth by investing wisely. Our goal is to create a community that provides everyone with incentives and opportunities to save for the future. Visit www.caab.org for more information or (202) 419-1440.

District of Columbia Financial Literacy Council

The District of Columbia Financial Literacy Council was established by the DC Council through enactment of the Financial Literacy Council Establishment Act of 2008. The purpose of the council is to assist and advise the Mayor and the DC Council in promoting financial literacy to the city’s residents.