COMMUNITY    MATTERS
		The Savings Crisis

Economists have long warned that Americans save too little and spend too much. According to recent reports, the personal savings rate declined from 10.8 percent in 1984 to near zero in 2006. Clearly, most Americans are living week to week, paycheck to paycheck, and spending more than they bring in.

Sadly, most Americans use their income to purchase products rather than building assets. The harsh reality is that median wages are lower today, when adjusted for inflation, than in 1980, and skyrocketing healthcare and housing costs are pinching the wallets and purses of many Americans. It’s almost staggering to consider that half of all U.S. households have less than $1,000 in net financial assets, and that half of all adults nearing retirement age have $10,000 or less in an employer-based or individual retirement savings account. On top of that, the Average household balance carried on credit cards month to month is more than $9,000. (Read the full article)
 
 Deborah S. Bayle
 President and CEO

IMPACT MATTERS

Utah Saves Week Encourages Utahns to be Savers

Research shows that there are “savers” and there are “spenders” in all income classes. The goal of the Utah Saves campaign is to convince all Utahns, regardless of income level, that they can become savers and build wealth, reduce debt, and create lifelong financial security.

Utah Saves Week is designed to increase awareness of this campaign. The week is February 25 through March 1. Statewide workshops, events and activities will help educate Utahns about the importance of saving money and encourage financial action. During Utah Saves Week, there will also be opportunities to enroll as a Utah Saver. Zion’s Bank is offering special rates on new savings accounts. AAA Fair Credit Foundation offers credit counseling, financial education, debt management and will be conducting classes during Utah Saves Week. For more information about Utah Saves Week visit the Utah Saves Web site: www.utahsaves.org. (Read the full article)

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