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Contact:
Maureen Keown
(215) 563-5665 x.3338
mkeown@cccsdv.org
Philadelphia Saves Week Kicks Off
Savings is Critical -- Especially for Youth
Philadelphia, PA, February 20, 2008 - Even in the current depressed economy, we revert back to the basics: savings. Always a great habit and one you never want to kick, especially in harder financial times.
To increase awareness that people need to save money, reduce debt and build wealth, Consumer Credit Counseling Service of Delaware Valley (CCCSDV) is kicking-off Philadelphia Saves Week February 25- March 1. This year, Philadelphia Saves will have a special focus on the importance of youth savings. The goals for the week include opening 2,500 new savings accounts, enrolling 1,500 new Philadelphia Savers and through a partnership with Operation Hope, teaching 3,000 youth about the importance of saving.
Philadelphia Saves Week will officially kick-off Monday, February 25th at 9:00 am at Marianna Bracetti Academy Charter School (MBA), located in the Kensington section of North Philadelphia. MBA has incorporated financial education as part of its overall curriculum, and serves as a local model for youth savings programming. The Phillie Phanatic will be in attendance to kick-off the week and help conduct savings workshops for students.
Philadelphia Saves, the local arm of the national America Saves program, is a social marketing campaign led by Consumer Credit Counseling Service of Delaware Valley that began in April 2003. To date, Philadelphia Saves has enrolled more than 3,588 individuals who have committed to saving for a specific goal. Last year alone, close to 1,000 Philadelphians joined the moment and committed to saving $180,000 towards a specific financial goal.
Said Patricia Hasson, CCCSDV president, “With an uncertain economy, we need to not just follow basic savings strategies, but share these concepts with our children. Savings is a great habit to have, in good times and bad. Philadelphia Saves Week reminds us just how important it is to save, whether for an emergency, or other financial goal. Putting just a small amount of money into savings each paycheck will pave the way to a more solid financial future.”
Community partners have always played a large role in the Philadelphia Saves campaign, and will be conducting various events and promotions throughout Philadelphia Saves Week. Citizens Bank will be sending "buzz teams" throughout heavily trafficked areas in Philadelphia to promote savings and encourage residents to join Philadelphia Saves. Beneficial Savings Bank has "adopted" Sharswood Elementary in south Philadelphia and will be launching a pilot program with 30 of its 8th grade students. The students will take a field trip to Beneficial's headquarters to tour the bank and open savings accounts with a $10 balance.
Mainline Health Employee Federal Credit Union will offer its membership the opportunity to save in a higher yield savings club, "Philadelphia Saves Week Super Saver". Sun Federal Credit Union will announce that it is officially joining Philadelphia Saves and will host a variety of financial education events in its branches throughout its market.
Philadelphia Saves Week brings together more than 30 local businesses, non-profits and financial institutions who are participating in various ways including the offering of special, no fee savings accounts to Philadelphia savers; providing financial literacy events for youth; and hosting educational sessions for employees to encourage signing up for retirement plans.
Enrollment into Philadelphia Saves can be easily done online at www.philadelphiasaves.org. Those who sign up choose a specific savings goal and are contacted by phone by a wealth building coach, who helps the saver set a strategy for their goals. For more information on Philadelphia Saves visit www.phillysaves.org or call (800) 989-2227.
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About Consumer Credit Counseling Services of Delaware Valley (CCCSDV): For the past 42 years, CCCSDV has positively impacted human lives and communities through comprehensive consumer credit education, counseling, asset building and debt reduction programs without regard to economic status.