America Saves Week 2009: February 22 – March 1

This week, the New America Foundation joins 100 organizations and companies to participate in America Saves Week. Through its broad coalition of partners, the weeklong campaign aims to assist those working toward paying down debt, building an emergency fund, and saving for a home, an education, and retirement.

In light of the recent economic downturn and the “spend vs. save” debate that the crisis has fueled, helping Americans take charge of their financial future is now more timely than ever. And we couldn’t be in more agreement that the urgency of the moment calls for greater action. The personal savings rate has, except for a brief upturn, been steadily declining since the early 1980s– a disturbing trend, considering that a lack of a safety net only heightens vulnerability in times of economic hardship.

But that’s where public policy can step in and encourage personal savings and asset-building in more households. Any number of our legislative priorities— from Children’s Savings Accounts, to the Saver’s Bonus, to Savings Bonds– would facilitate and incentive savings in a number of innovative ways. Employers can also help their employees save through AutoSave, a no-cost benefit that would offer savings accounts and set up an automatic payroll deduction of a small percentage of each paycheck into a newly established savings account.

Keep coming back next week for more updates on more thoughts from the Asset Building Program for America Saves Week.