By: Daryl Tolliver
When it comes to developing smart savings habits, banks have a large role to play in not only developing lucrative products and services, but also providing financial education programs to consumers. New research shows that large opportunities still exist for financial institutions to help navigate their customers toward smart savings habits, as a large percentage of Americans are not practicing smart money management skills.
A recent survey conducted by the Consumer Federation of America found that only 54 percent of Americans have a "savings plan with specific goals." Further, only 43 percent follow a spending plan that allows them to "save enough money to achieve the goals of their saving plan," and another 51 percent of respondents do not know their net worth. These staggering results demonstrate that a large number of Americans may be jeopardizing their financial futures by failing to implement measures to build their assets.
"The recession still has not ended for millions of American families," said Stephen Brobeck, executive director of the Consumer Federation of America and a founder of America Saves. "Many working families are still suffering from high unemployment rates, stagnant incomes, and a housing market that is just beginning to recover."
Community bank and credit union programs have garnered a great deal of attention for personalized services and accommodating rate and fee structures. Another area in which these institutions can solidify loyalty and build deeper relationships with customers and members is by promoting money management resources. This may include offers to set up meetings between new or existing customers and the bank or credit union's financial planner. In addition, making individuals aware of education programs, online tutorials or webinars, pamphlets and budgeting resources can help customers and members learn more about how to improve their financial positions and being building their savings.