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America Saves Week promotes financial education
By
Katie
Pratt
LEXINGTON, Ky. (Jan. 23, 2008) –The University of Kentucky
Cooperative Extension Service is partnering with America Saves
and the Consumer Federation of America to help educate
Kentuckians on ways to increase their savings during America
Saves Week Feb. 24 through March 2.
“The purpose of America Saves Week is to increase people’s
awareness of the need to save and to try to get them to set some
financial goals,” said Suzanne Badenhop, UK extension specialist
for financial management.
Saving money can be a challenge for many Americans. Badenhop
said in the last several years, Americans have had a negative
savings rate. Savings are important for people to have in case
of unexpected emergencies or expenditures. She recommended that
adults have enough money put back to cover three to six months
of their net pay.
Not only do savings help with unexpected emergencies, but it can
go a long way toward helping people enjoy a higher quality of
life after retirement. Every member of the workforce, regardless
of age, should save and plan for retirement, even though it may
seem like it will never happen, she said.
“For people under 40, retirement seems like something that never
will come, but it does,” she said. “And then when they get
there, they wish they’d saved more money to have income for it.”
Savings can be accumulated through a variety of ways ranging
from automatic withdrawal from paychecks to a savings account or
through monitored spending habits. Badenhop said reducing debt
can even be a form of savings because it decreases or eliminates
the amount of interest people have to pay some other person or
entity.
To find out more information about America Saves Week or for
tips on saving, visit
http://www.americasaves.org or contact your county’s family
and consumer sciences Cooperative Extension agent.
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Contact: Suzanne Badenhop, 859-257-7485
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The UK College
of Agriculture, through its land-grant mission, reaches across
the commonwealth with teaching, research and extension
to enhance the lives of Kentuckians. |
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