America’s personal savings rate has been negative for the last two years, a dubious economic feat not achieved since the Great Depression. While many Americans own assets, most of our public policies that support savings and ownership leave out those who own little or nothing. If we are to successfully broaden savings and assets ownership, our policy efforts must be expanded, strengthened, and targeted to those with the greatest need.
The purpose of this issue brief is to summarize a federal public policy agenda to broaden savings and asset ownership opportunities for Americans with lower incomes and fewer resources. It reflects our latest and best thinking, and draws heavily on the work of many experts focusing on various facets of savings and asset-building policy. The menu includes calls for new structures and policies, as well as changes to existing tax systems, government programs and financial products.
For the complete report, please see the attached PDF version below.