Savings Innovations

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.

Savings Innovations

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