Program promotes automatic savings to help people build financial resilience
As part of “America Saves Week 2022,” scheduled for Feb. 21–25, the City of Roanoke is encouraging the Roanoke Valley community to take a moment to focus on the importance of learning how to save money in an effort to better prepare them for the unexpected, such as the Covid-19 pandemic.
In concert with this special emphasis, during “Roanoke Valley Saves Week,” Bank On Roanoke Valley will be offering area residents resources and support with educational tools, free programs, and financial incentives. Bank On Roanoke Valley is a partnership of local financial institutions, community organizations, and government that works together to support “Roanoke Valley Saves Week.”
“The recent economic impact of COVID-19 has highlighted the need for individuals to create a rainy day fund or stick to a budget,” said Bob Cowell, Roanoke City Manager. “Even though the current situation is most-pressing, long-term financial well-being remains critical for personal finances. Those who start with a plan in mind are more than twice as likely to successfully save for their retirement, their children’s education, or whatever they’re looking forward to.”
“United Way’s regional COVID impact survey in 2020 showed that in order to get by, one third of household respondents had taken money out of a savings account (31%), while another 23% shared that they had increased the balance on a credit card. Roanoke Valley Saves Week and Bank On are great opportunities to help us be better prepared for the next time the unexpected happens. Having a savings account and working on having enough emergency savings are important steps towards being crisis-ready, and financially stable,” said Abby Hamilton, President & CEO of United Way of Roanoke Valley, a Bank On and Roanoke Valley Saves partner organization.
“Roanoke Valley Saves Week” will kick off on Tuesday, Feb. 22, at 12 p.m. with an online event featuring The Roanoke Financial Empowerment Center. Mayor Sherman Lea will present a proclamation for “2022 Roanoke Valley Saves Week” during City Council’s 2 p.m. regular agenda meeting later that day.
To share how individuals and families can save more successfully, Bank On Roanoke Valley will offer a number of free events as part of “Roanoke Valley Saves Week.” Events include:
- Kick-Off Event feat. The Roanoke Financial Empowerment Center – Tuesday, Feb. 22, 2022 at 12 p.m.
- Haciendo un Presupuesto y el Centro de Capacitación Financiera de Roanoke – miércoles, el 23 de febrero de 2022, a las 11 am (Spanish Language Event/ en español)
- Saving and Future Planning – Wednesday, Feb. 23, 2022 at 6 p.m.
- Borrowing Basics – Thursday, Feb. 24, 2022 at 10 a.m.
Roanoke Valley residents can register to attend the events online. To register for the events, visit www.uwrv.org/bank-on-roanoke-valley
“Roanoke Valley Saves was seriously a life changer for me,” said Roanoke area Saver Jamoria Pughsley. “I was able to get information to help me further with budgeting. I also raised my score by 100 points! We were given tools to manage our spending, that to this day I still have.”
All across the Roanoke Valley, people are proving you can start small and think big. By taking the America Saves Savings Pledge, Roanoke Valley Savers are setting financial goals, tracking their spending, and taking control of their financial future. Bank On Roanoke Valley staff and partners want to show citizens how to develop a savings strategy, taking one step at a time to reach their goals. T
Through this tool, individuals can commit to creating a simple savings plan that works. Click here to take the Pledge and America Saves will send you short email and text reminders, resources, and tips to keep you on track toward your savings goal.
For more information, contact Brandon Meginley in the City’s Department of Economic Development at 540-853-1120 or by email at [email protected].
About ‘America Saves Week’
Since 2007 America Saves Week, coordinated by America Saves and its partners, has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage our local communities to do a financial check in to get a clear view of your money story and saving behaviors. The America Saves pledge is the online tool that allows savers to set a goal, and make a plan to achieve better financial stability.