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Volume 6, Issue 2, 2006   Federal Reserve Bank of Dallas

Texas Saves for Financial Literacy Month

April 24–28 is Texas Saves Week, the highlight of the Texas Saves campaign held in April as part of Financial Literacy Month. Texas Saves partners will plan activities with employees, members, residents or clients to promote saving.

This year, in conjunction with the American Bankers Association's National Teach Children to Save Day on April 25, the Texas Saves campaign will launch Roll Your Change Day on April 26. Families will be encouraged to roll their spare change and visit their local financial institution to make a savings deposit.

The Texas Saves campaign, launched a year ago, is part of the America Saves campaign, a project of the Consumer Federation of America. The campaign's purpose is to advance the public's knowledge and understanding of saving and its importance to the future well-being of families and young people.

To become a Texas Saver, one must make a personal commitment to save at least $10 a month. Texas Saves participants can get free advice from wealth coaches, who check in with savers throughout the year to offer motivation and tips. In addition to free seminars across the state, Texas Saves provides area businesses with no-cost motivational speakers.

How can your organization promote Texas Saves?

  • Community groups can promote saving and Roll Your Change Day with print materials and create a savers team of residents, customers or clients. Texas Saves will help organize these events and provide marketing materials.
  • Employers can establish teams, or savers clubs, of employees. For example, American Airlines has partnered with Texas Saves to offer "lunch and learn" workshops for employees on such topics as getting out of debt, saving for retirement and education, and the basics of investing. Another partner, the state comptroller's office, is adopting the Texas Saves program and plans to roll their change on April 26.
  • Financial institutions can provide information on low- or no-fee savings accounts. They can also designate representatives to speak to groups or make appearances to answer product questions at team meetings.

A few years ago, participants deposited $175,000 during the Tennessee Saves roll-your-change event. Cynthia Nevels, Texas Saves state director, wants to show the impact Texans can have on deposits.

In addition to the Federal Reserve Bank of Dallas, Texas Saves partners include Fannie Mae, Federal Deposit Insurance Corp., city of Dallas, Texas comptroller's office, Texas Office of Consumer Credit Commissioner, Texas Department of Banking, Texas Education Agency, Texas Bankers Association, Texas Credit Union Foundation, Texas Cooperative Extension, U.S. Department of Labor, U.S. Department of Justice, Internal Revenue Service, and many community and social service organizations, as well as numerous financial institutions.

First Convenience Bank, a division of First National Bank Texas, is partnering with Texas Saves for Roll Your Change Day in 90 of its branches in the Dallas–Fort Worth area. Branches are located in neighborhood Kroger and Wal-Mart stores throughout Dallas–Fort Worth. James D. Dreibelbis, president and CEO of First Convenience, explained that the Texas Saves social marketing campaign was a good fit for the bank. "We are proud to offer savings and interest-bearing accounts designed to fit all budgets, which will allow anyone–adult and child alike–to invest wisely in his or her future."

The Texas campaign has assembled 55 partners statewide to promote one idea: Start saving! For more information, go to www.txsaves.org Off-site page.

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e-Perspectives, Volume 6, Issue 2, 2006

Federal Reserve Bank of Dallas Off-site page
Community Development Office Send an e-mail
P.O. Box 655906, Dallas, Texas 75265-5906
214-922-5377
Gloria Vasquez Brown Send an e-mail
Vice President
    Alfreda B. Norman Send an e-mail
Assistant Vice President and Community Development Officer
Jackie Hoyer Send an e-mail
Houston Branch
Senior Community Development Advisor
    Julie Gunter Send an e-mail
Community Development Specialist
Wenhua Di Send an e-mail
Community Development Economist
    Elizabeth Sobel Send an e-mail
Community Development Specialist
Roy Lopez Send an e-mail
Community Development Specialist
     
The views expressed are the authors' and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy is provided to the Community Development Office.

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