SaveNOW Proves that Savings pays off

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CityNews Ohio
By: Vivian L. Sharp
June 15, 2010

Here at the Treasury we believe that economic recovery starts in the homes of Ohioans with individuals making smart money choices. That is why a major initiative of my administration is to promote financial education across the state and help you make more informed, confident financial decisions. The Treasury offers a variety of ways to learn about savings and finances so you can find the program that is right for you.

One of our most popular options is the SaveNOW linked-deposit program. Because it is important for Ohioans to have resources when the unexpected happens I launched this unique program that integrates financial education with actual saving practices. SaveNOW promotes healthy financial habits and offers an incentive for doing so. More importantly, the program increases financial literacy by giving Ohioans access to relevant guidance and education.

SaveNOW gives individuals the opportunity to receive a 3.25 percent interest bonus on savings accounts up to $5,000. To receive this benefit, participants must complete one year of financial education. This includes reading a personal financial management newsletter and completing a "then-and-now" survey on their SaveNOW experience. More than 8,300 Ohioans enrolled in the program in its first year. SaveNOW is an easy, rewarding way to start building your savings and future today.

SaveNOW participants can also join Ohio Saves and continue their financial literacy for 12 more months. Ohio Saves motivates participants to gain control of their finances and develop saving strategies. It also allows access to the America Saves newsletter. Ohio Saves is affiliated with America Saves.
As State Treasurer I am committed to making financial literacy a priority in Ohio. This educational mission, along with free programming made available by the Treasury will provide Ohioans with the knowledge required to successfully navigate everyday finances.

To further this goal my office is presenting a nine city tour, offering free financial literacy seminars and workshops. Titled, "Smart Money Choices", the seminars offer free instruction on topics such as budgeting, credit and debt, retirement planning, and entrepreneurship.

Statistics show that not nearly enough Ohioans receive the financial education required to maintain healthy financial habits. According to a survey from the Ohio Credit Union League:

Only 23 percent of Ohioans make any effort to encourage financial literacy in their families;

57 percent of Ohioans rated their financial family health negatively;

46 percent of Ohioans surveyed reported decreasing savings and growing debt levels; and

Few parents teach their children the financial "facts of life."

To take charge of your finances enroll in SaveNOW and other programs offered by my office. To learn more about SaveNOW and the Ohio Treasury please visit www.ohiotreasurer.gov or call (800) 728-1102 toll-free.

PARTICIPATING BANKS:

National City Bank (Now a part of PNC)
PNC Bank
First National Bank
Wayne Savings Bank
CF Bank

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This page contains a single entry by CFED published on June 15, 2010 3:17 PM.

Economic development key issue for ASU was the previous entry in this blog.

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