Promoting the importance of savings among Americans is the aim of an initiative announced Monday by the federal consumer financial protection agency, which is offering information to help consumers build a “basic savings cushion and saving habit.”
The initiative announced by the Consumer Financial Protection Bureau (CFPB) is part of the America Saves Week, which began Monday. The Federal Deposit Insurance Corp. (FDIC) and other federal financial institution regulatory agencies are also sponsoring programs during the week highlighting the program.
According to CFPB, its Start Small, Save Up initiative seeks to encourage consumers to create, maintain, and grow emergency savings accounts as part of their overall financial well-being. According to bureau Director Kathleen (“Kathy”) Kraninger, the agency’s research has found that even small amounts of liquid savings can be helpful; she pointed out that 40% of Americans could not cover even a $400 emergency expense out of their own liquid savings.
Kraninger said her agency’s program offers resources to help consumers begin an emergency savings account and establish a habit of saving.