Employees will start their job or internship thinking about savings. If you partner with a financial institution, young employees may be better prepared come to orientation with a savings plan and existing account and routing numbers.
America Saves provides employers with aggregate information about those who made a savings pledge including top savings goals and aggregate amounts pledged to save. This data demonstrates the impact of the program and can support continued funding for years to come.
Benefits for Employees
Young workers will learn the habit of automatic savings. They will also receive follow up communications from America Saves to encourage them to continue to save and support their savings goal.
Young workers who save some of their pay will be able to cover emergencies and save for larger goals like first-month’s rent on an apartment or saving for college.
Benefits for Financial Institutions
Financial institutions may receive Community Reinvestment Act credit for their participation. It is also a great opportunity for financial institutions to establish strong relationships in a community.
Through this program, financial institutions will have access to new customers and the opportunity to establish a long-term relationship. Research on the Young Workers program has shown that youth continue to save even after their employment has finished.