Washington, D.C. (Feb. 23, 2021) — During America Saves Week, the Independent Community Bankers of America (ICBA) reminds consumers that building a nest egg can help alleviate stress and provide additional financial security during times of uncertainty.
While updated 2020 data from the Federal Reserve Economic Well-Being of U.S. Households report indicates 70 percent of adults would be able to pay an unexpected $400 expense, many Americans continue to face financial hardships in the wake of the global coronavirus pandemic.
“Saving is key to building financial stability and wealth, particularly when making major purchases or dealing with unexpected expenses,” ICBA President and CEO Rebeca Romero Rainey said. “As trusted advisors with a vested interest in their customers’ success, community banks put consumers on the path to financial freedom by helping them build solid savings and investing habits—all while offering a long-term banking relationship that can benefit them through life’s twists and turns.”
ICBA offers the following tips to help consumers boost their savings:
Other important factors to consider when choosing where to place your savings:
To find a community bank near you, visit www.banklocally.org.
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.