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SOURCE CFP Board
CFP Board Encourages Savings as an America Saves Week National Partner
WASHINGTON, Feb. 25, 2013 /PRNewswire-USNewswire/ -- Over the last several years, Americans have learned the value of saving as they have been forced to draw upon their reserves to stay afloat in a challenging economic climate. Unfortunately, a slow economy has prevented many from setting aside funds for future financial goals and emergencies.
To help consumers get back on track, Certified Financial Planner Board of Standards, Inc. is proud to support America Saves Week, a nationwide initiative from February 25 to March 2, 2013, which aims to promote personal savings, improve financial literacy and provide opportunities to save.
"Since the recession, many Americans have been struggling to save, putting them at risk in a still-recovering economy," said CFP Board's Consumer Advocate Eleanor Blayney, CFP®. "Having a financial plan that includes regular savings – for short- and long-term goals – helps consumers safeguard their financial futures and realize their dreams."
Blayney offered three practical ways to save as part of a financial plan:
America Saves Week features nearly 1,000 local and national partners and is managed by America Saves and the American Savings Education Council (ASEC). America Saves was originally organized by the Consumer Federation of America (CFA) over a decade ago.
In addition to kicking off America Saves Week, CFA and ASEC today released the findings of their sixth annual national survey assessing household saving. Overall, the survey of American households revealed that only about half of Americans reported good savings habits:
These findings reinforce the value of having a financial plan to save and spend as well as the need for more education around the importance of saving. The Household Financial Planning Survey, released in July 2012 by CFP Board and CFA, found that while many Americans are struggling to save regularly, those with a financial plan – which includes a plan for save for short- and long-term goals - feel more confident managing their finances, are more likely to describe themselves as living comfortably, and are more likely to feel on pace to achieve their financial goals.
"Building savings is one of the first steps to executing a financial plan that will not only help consumers prepare for the unexpected but build greater wealth," said Blayney. "A financial plan puts us on the path to financial security and success."
Consumers have many resources they can access to learn about increasing their savings and developing a financial plan. LetsMakeaPlan.org allows interested consumers to learn more about preparing a financial plan, including working with a CERTIFIED FINANCIAL PLANNER™ professional.
AmericaSavesWeek.org offers a variety of ways to learn more about topics like net worth, retirement and debt management. Savings Fitness: A Guide to Your Money and Your Financial Future – a joint project of CFP Board and the U.S. Department of Labor – outlines a step-by-step process for consumers to improve their savings plans.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® professionals, and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design),and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 67,000 individuals to use these marks in the U.S.
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