Notarize is proud to support and join over 2,300 companies and organizations to encourage Americans to save through the America Saves Week campaign, occurring this week from February 21 to 25, 2022. Since 2007, America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving.
Why should Americans focus on savings?
Financial emergencies can happen at any time and to anyone. They can be small emergencies like an unexpected flat tire or a big emergency like a job loss or having to care for a sick loved one. According to Pew Charitable Trusts, 60% of U.S. households experience a financial shock in the span of a year, and research suggests that even individuals with a reasonable ability to save find it hard to recover unless they have access to savings. GoBankingRates has also found that nearly 70% of Americans have less than $1,000 in savings. Without access to an emergency fund, unexpected costs can lead to an increased dependence on higher cost lending products, and it can pull the consumer’s focus away from building longer-term financial security, like retirement savings.
The U.S. Consumer Financial Protection Bureau (CFPB), through its Start Small, Save Up campaign, encourages consumers nationwide to consider putting money away into savings by starting small and working to build up their savings over time. Consumers with emergency savings are more likely to feel confident in their ability to overcome a financial shock, and are better able to focus on their work instead of financial stresses at home. Employers can play a role here through workplace financial education programs to ensure employees have the resources they need to build their financial well-being.
Introducing the Stampers Save! program at Notarize
Given this call to action and in partnership with America Saves, Notarize is excited to launch our Stampers Save! initiative for Notarize employees. The Stampers Save! program is uniquely designed to support and encourage Notarize employees to consider building their savings for the future, with an emphasis on building their emergency funds through automatic savings with split deposit. Notarize has provided employees with helpful information on how to be (or continue to be))) successful savers for their future, as well as incorporated the program throughout onboarding training for new hires.
“By joining with America Saves, Notarize is putting words to action to support our employees through the launch of our very own employee savings initiative for Notarize team members,” said Matt Cameron, Notarize’s Head of Financial Services Policy. “I had the honor of serving consumers at the U.S. Consumer Financial Protection Bureau for almost a decade and during that time I worked with an incredible team that advocated for greater financial education resources and programs to boost financial well-being across the United States. I’m thrilled to be able to bring this important effort to Notarize employees, and I encourage other FinTech and like minded companies to join the cause.”
“Working with employers, we know that they can have a positive impact on their employees’ financial lives,” said Carolyn Pemberton, America Saves Senior Program Manager. “We applaud the Stampers Save! program that Notarize has started to help its employees save in the short-term and enable them to build a more secure tomorrow. By promoting the concept of starting small to save big and encouraging automatic savings with split deposit,” Pemberton added, “Notarize is helping its workforce become more financially resilient and confident in their ability to meet unplanned expenses.”
For more information about America Saves Week, please visit their website. During the week, they will share messages through a virtual #ThinkLikeASaver town hall on Monday, February 21, and across all of their social media platforms featuring messages about saving automatically, saving for the unexpected, saving to retire, saving by reducing debt and saving as a family.
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