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City is first to be designated 'Savings Community' in initiative from the U.S. Conference of Mayors
By Carl Chancellor
Beacon Journal staff writer
Published on Tuesday, Sep 23, 2008
Akron residents have been challenged to stash away at least $1 million over the next six months as part of an initiative to encourage consumer savings and debt reduction.
Akron is the first city in the nation selected by the U.S. Conference of Mayors and the Consumer Federation of America to become a ''Savings Community.'' The two nonprofits want to help Americans increase their personal savings rate through a national campaign that teams local employers, financial institutions, local government and nonprofits in promoting the notion of building wealth, not debt.
''We have to encourage savings instead of just racking up debt,'' Mayor Don Plusquellic said in announcing Akron's participation during his weekly news conference Monday.
According to Dustin Joyce, of the U.S. Conference of Mayors, the American personal savings rate is near zero. He said most Americans aren't saving adequately for retirement, and most households don't have adequate emergency savings for unexpected expenses like a car repair.
''Akron's success will encourage other cities to change the spend-it-all culture in America,'' Joyce said during the news conference.
Nearly 50 Akron unions, employers, churches, community organizations, banks and credit unions are participating in the savings initiative that kicked off Monday as part of Dollarwise Week, a financial education program focusing on schools.
''Local leadership is really the key to providing the encouragement and support people need to be able to change their habits,'' said George Barany of the Consumer Federation of America.
Several local banks and credit unions are promoting no-fee savings accounts, and a number of area employers have pledged to boost participation in workplace retirement programs. There is also an educational component along with financial counseling.
As part of the Beacon Journal's ongoing Reclaim the Dream series, Akron-area residents have pledged to either increase their savings or reduce their debt by more than $534,000 over the next six to 36 months.
Residents have pledged to save more than $249,000 and cut their debt by at least $285,000.
Barany said the ''meltdown'' on Wall Street has pushed finances to the front burner of national concerns.
''This is the right time for this [Savings Community]. Everybody is thinking money,'' Barany said. He said the attention is on what people did wrong on Wall Street.
''Now people need to think about what they can do right to secure their financial future,'' Barany said.
The initiative, which will be promoted by a number of local outreach efforts, aims to get Akron to reach a savings goal of $1 million by giving people opportunities to partner with money counselors to remake their budgets and to offer financial education.
Joyce said the No. 1 reason people give for not saving is that ''they can't afford it.'' He said even saving a small amount — $10, $20— a paycheck will add up.
''It requires a lifestyle change, and that will lead to a cultural change. . . . Take that change from the individual and community level to the national level,'' Joyce said. ''The goal is to change our national culture.''
Carl Chancellor can be reached at 330-996-3725 or cchancellor@thebeaconjournal.com.
Akron residents have been challenged to stash away at least $1 million over the next six months as part of an initiative to encourage consumer savings and debt reduction.
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Comments
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Posted 02:20 AM, 09/23/2008
Isn't the City of Akron up to it's neck in debt due to frivolous spending?
Barberton, OH
Posted 06:11 AM, 09/23/2008
Maybe George Worst BUSH should take notes here.
Posted 06:59 AM, 09/23/2008
We are supposed to learn these "saving" lessons from our parents. I did;but G-Dubya's family only knows to "spend spend spend". After all, their oil industry is backed by the Bin Ladens, isn't it? Here's a tip for everyone: You can "save" $2 every month by requesting a recycling container from the city. They give you this credit every month on your trash bill.
Posted 08:04 AM, 09/23/2008
Mayor Don get all these wonderful ideas with no substance behind it. By the way Don how does on save when you Democrates always want to tax everybody. You have spent Akrons money unwisley and now want to sell the sewers and call it savings
Bizarrebertucky, OH
Posted 08:06 AM, 09/23/2008
Save ? Retirement ??? There's no chance of either one of those things happening for me. I can only hope that I die before I get old. Ten years ago, before I was downsized, these things were within my reach. Now, I would have to work 3 jobs to make that money.
Posted 08:11 AM, 09/23/2008
I say lets begin our "savings" campaign by reducing the mayor's staff.
Akron, OH
Posted 08:17 AM, 09/23/2008
The Republicans do the the taxing and spending. The rich get richer on the backs of what used to be the middle working class, but now are just above poverty level.
Akron, OH
Posted 08:19 AM, 09/23/2008
I hope ever-buddy sees the irony of the city hall hero's support of this plan, since he has broken the financial back of the City of Akron.
Akron, OH
Posted 08:30 AM, 09/23/2008
Save WHAT? The City Hall Hypocrite strikes again. Do as I say, not as I do. Save, indeed. For increases in sewer rates.
Akron, oh
Posted 09:48 AM, 09/23/2008
It is sad that they actually have to tell people to save money. I try to dave by putting money into a money market, then watch the money go down the drain because of corporate bail-outs. Maybe these huge corporations should learn how to save so they do not collapse our financial system.
Akron, OH
Posted 11:11 AM, 09/23/2008
I must apologize and digress. The Don has indeed been big on savings: Saving the Howe House, saving Young's Restaurant, saving the softball team... all at taxpayer's expense of course. Akronites, save your money for another income tax increase when the sell-the-sewer levy fails.
akron, oh
Posted 11:50 AM, 09/23/2008
why do they have another old house they need to spend 800 grand to move ??? Or does the civic have a twin somewere...
Stow, OH
Posted 11:51 AM, 09/23/2008
Let's see... they want me to save ."The banks are promoting no fee savings accounts ". I can earn a whole 1% on my money or 3% on a CD while the inflation rate goes up 10 % .Oh yeah ,and while the county auditor raises my property value as i watch my neighbors sell their homes for $ 20,000 less than a year ago .
akron, oh
Posted 02:34 PM, 09/23/2008
You will be saving even less if you elect Obama to tax even more of your money.
Akron, oh
Posted 02:43 PM, 09/23/2008
Sorry, add me to out of a job at this time. Cashed out the 401k before the "investment" firms could lose another 8% of my money. If I get to save in the future it will be under my mattress, out of the reach of investors.
