Pennsylvania Saves is a major Children, Youth and Family/Penn State Cooperative Extension initiative. A social marketing approach combined with many educational methods will be used for the program. While Pennsylvania Saves targets all consumers, households with low to medium income levels are of particular interest. The goal of the program is to encourage Pennsylvanians to save money, build wealth, and reduce debt. Pennsylvania Saves is one of several state programs that represent the national campaign America Saves. www.americasaves.org/

There are many reasons and facts to support PA Saves as a program emphasis. Below are three major reasons:

• As a nation--and as Pennsylvanians--we have lost the savings habit that was well established with households for most of the 20th Century. According to the Bureau of Economic Analysis, during the early 1940s the U.S. saving rate was 24%; from 1959 to 2000 the average aggregate personal saving rate was 7.9%. In 2000, Americans saved 1.0%; in 2001 the saving rate was 1.6%, and in 2002 and 2003 the saving rate of less than 2% continued.
• As a nation, access to credit, especially credit cards, has become relatively easy for individuals to obtain. Consumer bankruptcy filings are increasing. In Pennsylvania, for 1998 there were 44,967 consumer filings; by 2002 that number was 53,538. Excessive credit card debt is often cited as a significant contributor to bankruptcy filings.
• As a nation, our citizens are ill-prepared to manage their financial resources. An increasingly complex insurance, savings and investment market, with aggressive approaches to sell products and services, creates difficulties when making informed choices. Another factor that contributes to the current level of financial illiteracy is the lack of formal and non-formal financial and consumer education programs. Most learning in this area takes place in the home, where there is a lack of time and commitment by households to be financial literate.

Benefits from participating in Pennsylvania Saves are:

• No cost to become a Pennsylvania Saver.
• Free educational programs.
• The America Saves newsletter, which is mailed to four times a year, to those that become a Pennsylvania Savers.
• Penn State Cooperative Extension publications.
• Opportunities to win U.S. Savings Bonds or other financial products.
• Early in 2005, Bedford/Blair, McKean, Chester, and Lehigh Counties will have a series of small-group basic financial educational sessions for anyone interested in building wealth, increasing savings, and/or reducing debt.

Anyone can become a Pennsylvania Saver by contacting the county Extension office, or by contacting Cathy Bowen, e-mail address is cbowen@psu.edu or Marilyn Furry, e-mail address is mfurry@psu.edu

Note: An Enrollment Form can also be found in the Building Wealth Not Debt Brochure

Available online are America Saves quarterly newsletters which provide savings strategies and saving tips. Readers can submit saving suggestions to the staff of America Saves. If the saving tip is selected for the publication a $50.00 EE series Savings Bond will be send to the individual sending the tip. http://www.americasaves.org/back_page/archives.cfm

America Saves Archives (pdfs)

FALL 2004
SUMMER 2004
SPRING 2004
WINTER 2004
FALL 2003
SUMMER 2003
SPRING 2003
WINTER 2003
SPRING 2002
WINTER 2002
FALL 2001
SUMMER 2001