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United States Navy Personal Financial Management Program Fleet

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Speaker evaluation of motivational workshops and impact of presentation ... Posters. Brochures. Membership cards. Website. Technical assistance at campaign level ... – PowerPoint PPT presentation

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Title: United States Navy Personal Financial Management Program Fleet


1
(No Transcript)
2
  • Consumer Federation of America is located in
    Washington, D.C., and was founded in 1968. It is
    an association of more than 300 nonprofit
    pro-consumer groups Including Consumers Union,
    AARP, credit unions, housing co-ops, and
    grassroots organizations.
  • America Saves is a national social marketing
    campaign that seeks to motivate and support low
    to moderate income households to save and build
    wealth.

3
Characteristics of a Social Marketing Campaign
  • Campaigns take many years to succeed
  • Emphasize consequences that are both negative and
    positive, short and long term
  • As the campaign progresses the change often
    accelerates
  • Successful campaigns are integrated and
    coordinated
  • Campaigns are aided by powerful, relentlessly
    communicated messages- short memorable, and
    motivational.
  • Both national and local efforts are essential
  • Public policy can provide critical support
  • Each campaign is unique

4
America Saves Campaign Goal
  • Develop a financial plan
  • Commit yourself to your financial plan

5
Campaign Strategies
  • Guiding Principle All strategies recognize that
    individual decisions to change are largely
    influenced by three factors.
  • Analysis of Personal Costs (Costs)
  • Perception of the expectations of others (Social
    Norms)
  • Evaluation of whether one can success in changing
    behavior (Self-efficacy)

6
Campaign Approach
  • At America Saves we see individual Americans on
    a ten mile path to saving.

0 miles Don't understand the importance of
saving, so don't save.
3 miles Aware of this value, but don't believe
they are capable of saving, so don't do so.
10 miles Saving as effectively as they can,
which also means that they are effectively
managing their money and debts.
6 miles See the importance of saving and think
they might be able to do so, but haven't started
yet.
7 miles Have begun to save.
7
America Saves Current Extent
  • 113,209 Savers enrolled
  • 51 Campaigns Enrolling Savers
  • Tennessee, North Carolina, Texas, Wisconsin,
    Florida, Kansas, Maryland, Ohio, New Jersey,
    Utah, Colorado, Louisiana, Silicon Valley/South
    Bay, San Diego, El Paso, Kansas City, Northwoods
    (WI), Omaha, Pierce County (WA), Clark County
    (WI), Milwaukee (WI), Langley (VA), Cleveland,
    Miami Valley (OH), Hancock County (OH), Columbus,
    Ohio Valley (WV), Louisville (KY), Chattanooga
    (TN), Jefferson County (AL), Calhoun Country
    (AL), D.C., Central Iowa, Okaloosa County (FL),
    Gadsden County (FL), Tampa Bay (FL), Pasco County
    (FL), Miami, Peninsula Saves (VA), Philadelphia,
    Pittsburgh, Charlotte (NC), Virginia Tech, Kansas
    State University, Utah State University, America
    Saves, Hispanic America Saves, Black America
    Saves, Youth Saves, Military Saves, On Cars,
    Through Homeownership
  • Financial Institutions
  • 584 Financial Institutions including those that
    participate in local working groups, offer
    products to members of local campaigns, and those
    identified by savers as their saving institution
    of choice. Of these, 380 are Credit Unions and
    204 are Banks

8
What Are People Saving For?
  • Top 5 Goals by Number of Savers
  • 20 Emergency Fund
  • 15 Investment Savings
  • 14 Homeownership
  • 13 Debt Repayment
  • (tie) 10 Retirement Savings
  • (tie) 10 Education
  • Top 5 Goals by Monthly Dollars Saved
  • 15 Homeownership
  • 11 Retirement
  • 9 Emergency
  • 9 Debt Repayment
  • 9 Investment Savings

9
Target Markets and Savings Strategies
  • Target Markets
  • Black Americans
  • Hispanic Americans
  • Faith Based Communities
  • Military
  • Youth
  • Saving Strategies
  • Homeownership
  • Saving at Work
  • Income Tax Refunds EITC
  • Save on Car Purchases

10
America Saves Campaign
  • National Initiatives
  • 1) America Saves Week
  • 2) Savings During Tax Time

11
What is America Saves Week?
  • An annual opportunity to encourage and assist
    individuals to assess their savings progress and
    take action to advance this progress.  Although
    local campaigns do year-round programming, Saves
    Week includes a special set of activities,
    outreach, and visibility. Concentrating activity
    within the Week elevates the savings message and
    provides an organizing opportunity to engage a
    wide number of organizations and institutions.

12
Results From Past America Saves Weeks
  • In 2007, the pilot America Saves Week was held in
    February and saw participation from the national
    organizations, including
  • Federal Reserve Board,
  • United Way,
  • Department of Defense,
  • National Foundation for Credit Counselors,
  • and Cooperative Extension, among other.
  • Groups organized their own savings activities,
    which included workshops, roll your change
    events, piggy bank contests, payroll stuffers and
    electronic communications.
  • In 2008, over 80 groups and companies
    participated in America Saves Week, which
    represents a remarkable growth in participation
    from 2008. This was in part due to a new
    partnership with the American Savings Education
    Council.

13
America Saves Week 2008 87 Participating
National Organizations
  • Government AgenciesFederal Citizen Information
    Center, General Services InformationFederal
    Deposit Insurance CorporationFederal Reserve
    BoardFederal Trade CommissionInternal Revenue
    ServiceMissouri State Employees Retirement
    SystemOhio Treasurer of StateSecurities and
    Exchange CommissionSocial Security
    AdministrationU.S. Department of Agriculture,
    Cooperative State, Research, Education and
    Extension ServicesU.S. Department of
    DefenseArmed Forces Tax CouncilDepartment of
    the Air ForceDepartment of the ArmyDepartment
    of the NavyU.S. Coast GuardU.S. Marine
    CorpU.S. Department of Labor, Employee Benefits
    Security AdministrationU.S. Department of the
    TreasuryU.S. Postal ServiceWashington
    Department of Financial InstitutionsWashington
    State Department of Retirement ServicesWisconsin
    Department of Financial Institutions
  •  

CompaniesAmerican Express CompanyBank of
AmericaCapital One Capital Research and
ManagementCiti FoundationCountrywide
BankDeseret Mutual Benefit Administrators
Edelman Financial Services, LLCFidelity
Investments GlaxoSmithKlineGreenwald
Associates HR BlockHartford Life Insurance
CompanyMerrill Lynch MetLifeNational City
BankPrudential FinancialRussell
InvestmentsSegal CompanyTIAA-CREFTowers
PerrinWachoviaWashington Mutual Wells Fargo
Bank, NA
14
National Participating Groups, Continued
  • Non-Profit Organizations
  • AARP
  • American Institute of Certified Public
    Accountants 
  • 360 Degrees of Financial Literacy
  • American Society of Military Comptrollers
  • Armed Forces Financial Network
  • Aspen Institute Initiative on Financial Security
  • Center for Financial Services Innovation
  • Consumer Federation of America
  • Consumer University
  • CUPA-HR
  • Employee Benefit Research Institute
  • Family, Career and Community Leaders of America
  • FINRA Investor Education Foundation
  • SaveAndInvest.org
  • HR Policy Association 
  • InCharge Education Foundation
  • International Foundation of Employee Benefit
    Plans
  • Jump tart Coalition for Personal Financial
    Literacy
  •  
  • Industry Trade Associations
  • American Bankers Association
  • American Council of Life Insurers         
  • American Society of Pension Professionals and
    Actuaries
  • Association of Military Banks of America
  • Consumer Bankers Association
  • Credit Union National Association    
  • Defense Credit Union CouncilIndependent
    Community Bankers of America
  • Investment Company Institute
  • National Association of Federal Credit Unions

15
Varied Levels of Participation
  • Level 1 focuses on awareness and marketing.
  • Level 2 includes building and expanding local
    partnerships.
  • Level 3 consists of organizing a local America
    Saves Week.

16
Level OneIndividual Program Campaign
  • Evaluation Measures
  • Number of brochures distributed
  • Number of completed enrollment forms (savers)
  • Number of published or aired media pieces

17
Level Two Organization plus at least one
partner
  • Evaluation Measures
  • Level One measures plus
  • Speaker evaluation of motivational workshops and
    impact of presentation
  • If part of ongoing campaign, conduct 3 month
    follow up.
  • Number of volunteer hours contributed

18
Level Three Multi-organization Campaign Network
  • Evaluation Measures
  • Same as Levels One and Two, plus
  • Number of coalition members and community
    supporters
  • List of actions taken by coalition members, e.g.
    no fee savings accounts opened by Financial
    Institutions, new IDA accounts opened, number of
    participants signed up for America Saves,
    participant commitment to savings
  • Funding received from grants or community partners

19
What America Saves Provides
  • Marketing and Resource Kit
  • Posters
  • Brochures
  • Membership cards
  • Website
  • Technical assistance at campaign level
  • Training for motivational presenters and wealth
    coaches.
  • Work with coalition and lenders on campaign
    development
  • Media outreach
  • Newsletters
  • Other materials as necessary
  • Database
  • National Savings Forum

20
Core Components of a Local Campaign
  • Financial Products
  • Motivational Workshops
  • Wealth Coaches
  • Financial Resources
  • Organizational Marketing
  • Community Wide Marketing
  • Saver Enrollments

21
Characteristics of a Successful Local Campaign
  • Committed, energetic, competent leadership
  • Broad-based working Group/Campaign Coordinating
    Committee that meets regularly
  • Agreed upon campaign goals with written plan to
    achieve goal
  • Committees coordinating campaign component
    development and implementation
  • Robust organizational marketing plan
  • Campaign Infrastructure designed to go to scale
  • Clear Communications
  • To Markets
  • To Volunteers
  • Financial resources
  • Sustainability Plan

22
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