military saves advisory meeting october 2016 · • 1140-1200 america saves update &...
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Nancy RegisterMilitary Saves Advisory Meeting
27 October 2016
Military Saves Quarterly Meeting AGENDA
• 1000-1010 Welcome and Introductions
• 1010-1030 Military Saves Saver Survey Analysis
(Steve Holt, Holt Solutions)
• 1030-1045 DoD Office of Personal Finance
(Brenda McDaniel, Office of Financial Readiness)
• 1045-1120 USAA Educational Foundation Command for Cash Presentation
• 1120-1140 Military Saves Update for #MSW2017 & Designation of Excellence 2017
(James Lander, Military Saves Director)
• 1140-1200 America Saves Update & Communications
(Katie Bryan, Director of Communications, America Saves)
• 1200-1300 Meeting Adjourned; Lunch
Military Savers Survey 2016Highlights
Military Saves Quarterly Meeting
October 27, 2016
Steve Holt, HoltSolutions
Number of Valid Responses
0
250
500
750
1000
2012 2013 2014 2015 2016
0%
10%
20%
30%
40%
50%
AirForce
Army Navy Marines DoD ArmyNG
CoastGuard
Air NG
Survey Respondents & All Pledgers by Service Branch
Survey Respondents Pledgers
Pay
Grade
% of
Respondents
Age
(median)
Education Level
(median)% Male % Single
% with
Minor
Children at
Home
E-1 to E-3 8% < 25 High School/GED 68% 64% 14%
E-4 to E-6 35% 25-34Comm. College/
Trade School52% 20% 54%
E-7 to E-10 12% 35-44 4-year College 57% 10% 51%
O-1 to O-4 9% 35-44 Graduate School 50% 17% 54%
O-5 to O-6 4% 45-54 Graduate School 47% 3% 67%
Civilian 14% 45-54 4-year College 36% 21% 37%
Retired 14% 45-54 4-year College 50% 9% 35%
Pay Grade% Saving Regularly
PrimarySavings Goal
Amount Saved in 2016
(median)
Saving morein 2016 thanin prior years
Household Annual Income(median)
E-1 to E-3 46%Debt repayment
(18%)$1,001 - $2,500 56% < $25,000
E-4 to E-6 55%Debt repayment
(26%)$1,001 - $2,500 49% $25,000 - $50,000
E-7 to E-10 70% Retirement (42%) $2,501 - $5,000 47% $50,000 - $75,000
O-1 to O-4 81% Retirement (27%) $5,001 - $10,000 58% $75,000 - $100,000
O-5 to O-6 84% Retirement (41%) $5,001 - $10,000 58% $125,000 - $150,000
Civilian 68% Retirement (39%) $2,501 - $5,000 43% $50,000 - $75,000
Retired 61% Retirement (30%) $1,001 - $2,500 49% $50,000 - $75,000
Reasons for Taking Military Savers Pledge
To save more money 74%
To improve my overall financial well-being 69%
To help get out of debt 41%
Be a good role model for my children* 27%
To receive updates/resources from Military Saves 26%
As part of participation in a savings program 5%
New Year’s Resolution 3%
Family or friend suggested it 3%
* 46% report having children < 18 at home
BENEFITS OF MILITARY SAVERS PLEDGETotal
Agree
Strongly
Agree
Reminds me of importance of saving money 94% 66%
Reminds me of my goal, amount to save,
& timeframe to save for88% 54%
Gives me hope about my financial future 88% 51%
Is for someone like me 88% 48%
Helps me commit to saving 88% 39%
Helps me commit to reducing my debt 83% 40%
Has enabled me to save more money 80% 37%
0% 10% 20% 30% 40% 50% 60% 70%
On a regular basis
Occasionally when…
Never
How often do you put away or save money?
Current At Time of Pledge
Feelings About Saving for Goals
POSITIVE NEGATIVE
Optimistic 61% Anxious 26%
Excited 46% Stressed 21%
Proud 44% Embarrassed 4%
Confused 3%
Success in Reaching Savings GoalsSince Taking Pledge
Very successful
Somewhat
Not veryNot at all
Savings Tools UsedBank savings account 67%
Credit union savings account 39%
Checking account 38%
Money market account 21%
Certificate of deposit 19%
Non-retirement Roth IRA 14%
Brokerage account 13%
529 / education savings plan 11%
Safe place at home 11%
U.S. Savings Bonds 6%
Christmas Club account 3%
Sources of Helpful Information About SavingMilitarySaves.org 58%
Bank or credit union 44%
Family & friends 41%
TSP.gov 40%
Military peers 19%
Social media 17%
PFM or family readiness program 15%
Military chain of command 9%
Military relief society 5%
Blended Retirement System
Has Already
Received
Information
Interested in Receiving
Information from
Military Saves
Yes 34% 53%
No 52% 32%
Not sure 14% 15%
Opened Emergency Savings AccountAfter Taking the Pledge
Yes
No, already had one
Have none
Don't recall
Withdrawn from Emergency Savings Account in Past 12 Months
Yes, more than once
Yes, just once
No
If Withdrew Emergency Funds,Ability to Replenish
Fully replenish
ed
Partially replenish
ed
Not able to put …
PayGrade
Paying Down Debt is Form of
Saving
Automatically Putting Aside
Savings
RetirementAs High
Savings Priority
HaveEmergency
Savings Account
E-1 to E-3 51% 46% 46% 70%
E-4 to E-6 60% 64% 53% 76%
E-7 to E-10 70% 79% 65% 87%
O-1 to O-4 70% 86% 70% 93%
O-5 to O-6 84% 81% 81% 94%
Civilian 62% 76% 66% 84%
Retired 63% 71% 56% 81%
Department of Defense
Financial Readiness
Brenda McDaniel, Program Manager,
Office of Financial Readiness
Office of the Deputy Assistant Secretary of Defense
27 October 2016
21
Principal Deputy ASD (Readiness)
Military Saves Memo
22
Military Saves 2017
"Set a Goal, Make a Plan, Save Automatically!”
Background: Military Saves is co-sponsored by the Consumer Federation of
America and the Department of Defense. Active participation and support
from the Office of the Secretary of Defense, the Army, Marine Corps, Navy, Air
Force, National Guard, Reserves and the US Coast Guard.
• Goals:
Increase Participation
Foster Partnerships
Increase Financial Readiness and Stability
• Audiences
• Stakeholders
• Key Messages: Mr.Feehan signed, Military Saves Memo
• Talking Points
• Strategy and Process
• Association of Military Banks of America
• Consumer Federation of America
• Defense Civilian Personnel Advisory Service
• Defense Credit Union Council
• Department of Housing & Urban Development
• Department of Veterans Affairs
• FDIC
• Federal Trade Commission
• FINRA Investor Education Foundation
• Military OneSource
• National Military Family Association
• National Association of Federal Credit Unions
• National Credit Union Administration
• Navy Federal Credit Union
• Office of the Comptroller of the Currency
• Pentagon Federal Credit Union
• Personal Financial Counselors
• Securities & Exchange Commission
• Social Security Administration
• Thrift Savings Plan
• USDA
Pentagon Financial Fair Participants
23
24
The Financial Readiness
Roundtable
American Financial Services Association Education Foundation (AFSA)
Association of Military Banks of America (AMBA)
Better Business Bureau (BBB)
Consumer Federation of America (CFA) (Military Saves)Consumer Financial Protection Bureau (CFPB)
Defense Credit Union Council (DCUC)
Federal Deposit Insurance Corporation (FDIC)
Financial Industry Regulatory Authority (FINRA)
Federal Trade Commission (FTC)
National Association Federal Credit Union (NAFCU)
National Credit Union Administration (NCUA)
National Foundation for Credit Counseling (NFCC)
National Institute of Food and Agriculture (NIFA)
National Military Family Association (NMFA)
Security Exchange Commission (SEC)
DoD State Liaison Office
OUSD (Comptroller)
Military Community Family Policy
Transition to Veterans Program Office
The purpose of The USAA Educational Foundation is to lead and inspire actions that improve
financial readiness for the military and local community.
2
ABOUT THE USAA EDUCATION FOUNDATION
3
Is a nonprofit, tax-exempt 501(c)(3) organization, funded by USAA,
but NOT USAA.
Has letters of approval at the DoD level for all branches of service which allow
our materials to be distributed on military installations.
Does not endorse or promote any commercial supplier, product or service.
ABOUT THE COMMAND YOUR CASH™ PROGRAM
4
Command Your Cash™ is a comprehensive financial readiness program to
empower the military and local community to make better informed financial
decisions. The Command Your Cash ™ components include:
USAAEF.ORG website
Financial Readiness Presentations
Financial Readiness Publications — all complimentary to the military and their
dependents.
Microlearning Center
MICROLEARNING CENTER: HOME
5
CREATE ACCOUNT
6
SCREENING SURVEY
7
LEARNER HOMEPAGE
8
LESSONS
9
ASSESSMENTS
10
ADMIN DASHBOARD
11
YOU ARE INVITED
12
The USAA Educational Foundation invites all service members and anyone
working with service members to leverage our Command Your Cash™ Program.
Please use the links below to access our tools and resources:
USAAEF.ORG
COMMANDYOURCASH.ORG
If you have any questions email us: [email protected]
Copyrighted material of The USAA Educational Foundation, 2016. All Rights Reserved. No part of the attached publication may be modified, reprinted or reproduced without the written
consent of The USAA Educational Foundation, a nonprofit organization.
Military Saves Week 201727 February – 4 March
• Military installations worldwide plan events to encourage Service
members and their families to take the Military Saves pledge at
www.militarysaves.org
• Commitment to exercise good financial habits and encourage other
Americans to do the same. Provides support and information within a
saving community to help servicemembers and their families build their
personal savings and provide for their immediate and long-term financial
needs
• Campaign Coordinators at every Military Installation and/or Unit
• Military members, Spouses, Youth, Uniformed Leaders, DoD
Civilians & Families
• Military Saves Week Theme: Set a Goal. Make a Plan. Save
Automatically
Military Saves Campaign Update&
Military Saves Week 2016
Military Savers to date
To date, 31,997 individuals took the Military Saves Pledge.
Since 2007, more than 250,000 servicemembers and their families have taken the Military Saves Pledge.
Military Saves Quarterly MeetingFinancial Institutions
Why your institution should participate• Your branch or credit union will benefit from participating in
Military Saves Week 2017 by supporting servicemembers and their families to become more financially fit.
• Saving through direct deposit and embedded pledge form on your website will increase customer accounts.
• To boost overall savings rates for servicemembers and their families.
• Participating in Military Saves Week supports the marketing of your incentivized products, accounts, and services.
Register TODAY as a participating organization at MilitarySaves.org
Military Saves Quarterly Meeting#MSW2017
Set a Goal. Make a Plan. Save Automatically.
Military Saves Quarterly MeetingInstallations, Commands, and Readiness Centers
How to participate in Military Saves Week?• Obtain a signed Commander’s Proclamation and encourage uniformed
leadership to support efforts through communications channels.
• Set a goal for the number of pledges to can achieve during the week.
• Promote and provide opportunity for individuals (servicemembers, their family members, DoD civilians, and national guardsmen and reservist) to the Military Saves pledge.
• Partner with non-profit organizations and on-base financial institutions to and increase awareness and visibility.
Resources for Organizations
Promotion and marketing: available materials that can be co-branded
Military Saves Quarterly Meeting#MSW2017
Set a Goal. Make a Plan. Save Automatically.
Resources For Savers
Goal-based texting tips & reminders encourages continued saving.
Text Examples:
America Saves: With each savings deposit, you are one step closer to getting out of debt. Have you made your deposit this month? Reply YES or NO.
America Saves: Need to pay off debt from last holiday? Pay off debt with double-digit interest rates. http://bit.ly/14j3CkX
America Saves: Once a month, use records to review what you've purchased. Reallocate some of this spending to emergency savings.
Military Saves Quarterly Meeting#MSW2017
Sign Up Your Organization for Military Saves Week 2017!
Promote:• To new and existing customers and community partners utilizing co-
branding materials and resources during Military Saves Week
• New and existing products, accounts, and services that incentivizesavings during the week
• The message of savings within branches with Military Saves materials and recourses
• Outreach through press releases/events, social media venues, blogs and local media
Military Saves Quarterly Meeting#MSW2017
Sign Up Your Organization for Military Saves Week 2017!
Inform:• Offer marketing materials and resources that encourage positive
savings behavior
• Include messaging promoting Military Saves Week on your website, newsletter, and/or blog. Communicate your participation in MSW regularly to individuals and partners through reminder emails.
• Tweet and post social media messages included in Partner Packets to Facebook and Twitter
• Organize promotional events, financial seminars, workshops in partnership with PFMs and BLOs
Military Saves Quarterly Meeting#MSW2017
Sign Up Your Organization for Military Saves Week 2017!
Act:• Sign Up your institution to participate in MSW 2017.
• Embed Pledge Form on your institution public website, integrating form with products. Text Messaging (institutions currently utilizing platform) reminding savers about their saving goals.
• Market appropriate savings accounts, IRAs, CDs, and other wealth building accounts
• Collaborate with instillation leadership, through PFMs and BLOs to increase participation
Nancy RegisterAmerica Saves & America Saves Week
Katie Bryan, Director of Communications
America Saves seeks to motivate, encourage, and support low-to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior.
Military Saves is a part of America Saves, the larger nation-wide campaign for all Americans and utilizes the principles of a social marketing campaign to persuade, motivate, and encourage military families to save money every month, and to encourage leaders and organizations to be aggressive in promoting automatic savings.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
About Us
Communications Planning
MilitarySaves.org
How can we help you?
James Lander
Military Saves Director
(202) 939-1013
Alecia Blair
Military Saves Communications Associate
(910) 495-4788
www.militarysaves.org
Contact Us