For Immediate Release
Communications Director & Public Information Officer
Colorado Treasurer Dave Young discusses the importance of saving at any age on the last day of America Saves Week
COLORADO: Today, during the fifth and last day of America Saves Week, Colorado Treasurer Dave Young speaks to Coloradans about the savings lifecycle.
“Saving is a habit not a destination. It’s a habit that can be formed at any age” says Dave Young, Colorado State Treasurer. “Whether you are a parent trying to teach your children or you want to change your own saving behaviors, there are strategies that savers of all ages can develop.”
“You’re never too young to start implementing positive savings behaviors,especially when saving for retirement. This helps people have a good foundation for their financial education” mentioned Hunter Railey, Colorado SecureSavings Program Director. “If you can save for retirement at your first job you will have more funds later on in life when you want to retire.
Research tells us that children’s money habits are often formed by age seven so starting early to teach them about saving can have a huge impact. Many parents are accustomed to hearing frequent requests from their children about a toy, game, or piece of clothing that they “just have to have.” Sound familiar? Using these wants is a great way to help children learn to save.
Children can learn to set a saving goal and figure out how long it will take to save enough money for their goal. Create a fun system to track progress, provide regular encouragement, and use incentives such as matching funds. Talk about how it feels to see your money grow. And don’t forget to lead by example, show children how you are saving.
You can also give children the opportunity to make some decisions about their money. Empowering children from a young age to make choices about money they earn or receive as gifts is a great way to build that confidence.
DAY FIVE: SAVING AT ANY AGE
Asking questions about our future selves helps us create a vision for our future. For example, consider:
- Where does your future self live?
- What does a typical day look like for your future?
- What hobbies does your future self enjoy?
- How much money does your future self earn?
Later go back and read your answers to see how they compare to the present. Having the ability to look ahead, even if it’s a short time in the future, is a great way to reinforce saving today for tomorrow. This exercise can be done at any age, even with children.
Journeys can take us on many different paths and saving journeys are no different. So stay with America Saves as you and your family embark on a new journey or resume one that encountered a detour. It’s never too late to think like a saver.
ABOUT AMERICA SAVES WEEK
Since 2007, America Saves Week has been an annual call-to-action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage our local communities to do a ‘gut-check’ on their finances and saving behaviors. The America Saves pledge is the framework that allows savers to set a goal, and make a plan to achieve better financial stability.