Georgia Saves An Introduction

What is GeorgiaSaves?

An extension of the America Saves program America Saves is the National Campaign that encourages Americans to save, build wealth, and reduce debt.

What is Georgia Saves? It began with an alliance between the Consumer Federation of America Foundation and the Ford Foundation.

What is Georgia Saves? It is sponsored by a broad based coalition of government, business, and non-profit groups at the national and local levels and is supported by major foundations.

What is GeorgiaSaves? America Saves campaigns have been started in other cities including: America Saves campaigns have been started in other cities including: Cleveland Kansas City Indianapolis Charlotte Philadelphia Georgia Saves will be the first statewide program

What is GeorgiaSaves? GeorgiaSaves Founding Partners University of Georgia Cooperative Extension Office of Family and Consumer Science The Georgia Consortium for Personal Financial Literacy  Raise public awareness  Develop an educational network of businesses and public agencies  Track & present research findings  Recognize best practices  Serve as a clearinghouse

What is GeorgiaSaves? Other Partners (Also founding members of the GA Consortium for Personal Financial Literacy) Other Partners (Also founding members of the GA Consortium for Personal Financial Literacy) Federal Reserve Bank of Atlanta Consumer Credit Counseling Service Junior Achievement of Georgia Georgia Council for Economic Education Georgia Higher Education Assistance Corp.

What is GeorgiaSaves? The goal ofGeorgiaSaves is to encourage low- to moderate-income Georgians to become savers.

Why GeorgiaSaves? Why GeorgiaSaves?

Why GeorgiaSaves? 25% of U.S. Households have net assets under $10,000 and are considered “wealth poor.”25% of U.S. Households have net assets under $10,000 and are considered “wealth poor.” 23% of lower-income Americans tend to have a growing anxiety about their adequacy of savings.23% of lower-income Americans tend to have a growing anxiety about their adequacy of savings. Those who have not developed a personal financial plan have not done so for fairly predictable reasons: the poor are most likely to say they “don't have enough money to make it worthwhile.”Those who have not developed a personal financial plan have not done so for fairly predictable reasons: the poor are most likely to say they “don't have enough money to make it worthwhile.” Source: Consumer Federation of America

Why GeorgiaSaves? In the first quarter of 2003, Georgia had 20,314 personal bankruptcy filings.In the first quarter of 2003, Georgia had 20,314 personal bankruptcy filings. In 2002, Georgia was ranked #4 in the number of non-business bankruptcy filings.In 2002, Georgia was ranked #4 in the number of non-business bankruptcy filings. Source: American Bankruptcy Institute Website-abiworld.org.

Why GeorgiaSaves? The personal saving rate for the U.S. is at the lowest level in history.The personal saving rate for the U.S. is at the lowest level in history. Families need to know how to plan their finances, cope with lack of adequate income effectively, control cash flow, manage credit and debt wisely, insure adequately, contribute to savings/investments regularly, pay necessary taxes but no more, prepare to retire at current living level, and pass assets to heirs.Families need to know how to plan their finances, cope with lack of adequate income effectively, control cash flow, manage credit and debt wisely, insure adequately, contribute to savings/investments regularly, pay necessary taxes but no more, prepare to retire at current living level, and pass assets to heirs. Source: UGA Family & Consumer Sciences Extension Services

How Does GeorgiaSaves Work?

GeorgiaSaves provides no-cost financial mentoring through Wealth Coaches to motivate, guide and support Georgia Savers.GeorgiaSaves provides no-cost financial mentoring through Wealth Coaches to motivate, guide and support Georgia Savers. Coaches help Savers set financial goals and develop a plan to reach their goals through increased savings and debt reduction.Coaches help Savers set financial goals and develop a plan to reach their goals through increased savings and debt reduction.

How Does GeorgiaSaves Work How Does GeorgiaSaves Work? GeorgiaSaves Savings Strategies Pay off high-cost debt Home ownership before retirement Participation in employer-sponsored retirement programs Save through automatic methods Earn a fair return through safe investments

GeorgiaSaves GeorgiaSaves in Ten Georgia Sites in Ten Georgia Sites Albany Athens Atlanta Augusta Columbus Macon Quitman Rome Savannah Swainsboro

Who Makes GeorgiaSaves Work?

Extension Agents Motivational Speakers Wealth Coaches Savers Community Agencies and Organizations Financial Institutions

Who Makes GeorgiaSaves Work? Extension Agents Cooperative Extension of UGA Family & Consumer ScienceCooperative Extension of UGA Family & Consumer Science Oversee & Coordinate Motivational Speakers & Wealth CoachesOversee & Coordinate Motivational Speakers & Wealth Coaches Provide Training WorkshopsProvide Training Workshops Work with Financial Institutions and Community Agencies and OrganizationsWork with Financial Institutions and Community Agencies and Organizations Promote Local AwarenessPromote Local Awareness

Who Makes GeorgiaSaves Work? Motivational Speakers Present Motivational WorkshopsPresent Motivational Workshops Deliver the Message of GeorgiaSavesDeliver the Message of GeorgiaSaves Introduce Georgia Saves ProgramIntroduce Georgia Saves Program Recruit SaversRecruit Savers

Who Makes GeorgiaSaves Work? Motivational Speakers Training & Responsibilities Complete the Motivational Speaker Training (2 Hours ) Present Motivational Workshop (2 -4 Hours per Month) Share A Personal Story Explain the Program Brochure & Form Explain & Introduce the Wealth Coaches Explain the Evaluation Process Recruit Savers

Who Makes GeorgiaSaves Work Who Makes GeorgiaSaves Work? Wealth Coaches Coach 1 – 10 SaversCoach 1 – 10 Savers Help Savers Set Goals and Develop Simple Monthly Savings or Debt Reduction PlansHelp Savers Set Goals and Develop Simple Monthly Savings or Debt Reduction Plans Provide Follow-up Phone Calls to SaversProvide Follow-up Phone Calls to Savers Recruit other Coaches and/or SaversRecruit other Coaches and/or Savers

How Does GeorgiaSaves Work? Wealth Coaches Training & Responsibilities Training for 3-4 HoursTraining for 3-4 Hours Provide Coaching at Motivational Workshops (Approximately 1-2 Hours)Provide Coaching at Motivational Workshops (Approximately 1-2 Hours) Explain Georgia Saves Products (Specific Accounts set up at Financial Institutions)Explain Georgia Saves Products (Specific Accounts set up at Financial Institutions) Make Sure Enrollment Form is CompleteMake Sure Enrollment Form is Complete

How Does GeorgiaSaves Work? Wealth Coaches Training & Responsibilities Follow-Up With Each Saver (each month for 3 months; then 6 months later)Follow-Up With Each Saver (each month for 3 months; then 6 months later) Initial Meeting in PersonInitial Meeting in Person Follow-Up Meetings Via Phone or Follow-Up Meetings Via Phone or Report to Extension AgentReport to Extension Agent

How Does GeorgiaSaves Work? Savers Come from Targeted Companies/Groups/OrganizationsCome from Targeted Companies/Groups/Organizations Attend Motivational WorkshopAttend Motivational Workshop Complete Evaluation FormComplete Evaluation Form Complete Brochure Form with Goal SettingComplete Brochure Form with Goal Setting Open Savings Account or Increase SavingOpen Savings Account or Increase Saving Recruit SaversRecruit Savers

How Does GeorgiaSaves Work? Financial Institutions Serve as GeorgiaSaves Financial InstitutionsServe as GeorgiaSaves Financial Institutions Provide Regular Accounts or Establish Special GeorgiaSaves Accounts for SaversProvide Regular Accounts or Establish Special GeorgiaSaves Accounts for Savers Can Offer Financial Education ProgramsCan Offer Financial Education Programs Recruit SaversRecruit Savers

Go to Georgia Maps page Go to GeorgiaInfo table of contents Go to GeorgiaInfo home page 10 Pilot Sites Rome Atlanta Albany Columbus Athens Macon Quitman Savannah Augusta Swainsboro

What Now?

Agree to be a GeorgiaSaves Coordinator or Partner Financial Institution and Community Organizations and Agencies Recruit Wealth Coaches and Motivational Speakers Contact Patrice Dollar at UGA Cooperative Extension for More Information

Georgia Saves