Georgia Saves An Introduction What is GeorgiaSaves?

Georgia SavesGeorgia SavesAn Introduction An Introduction

What is What is GeorgiaSaves?GeorgiaSaves?

What is Georgia Saves?What is Georgia Saves?

An extension of the America Saves programAn extension of the America Saves program

America SavesAmerica Saves is the National Campaign that encourages is the National Campaign that encourages

Americans to save, build wealth, and reduce debt.Americans to save, build wealth, and reduce debt.


It began with an alliance between the It began with an alliance between the Consumer Federation of America Foundation Consumer Federation of America Foundation

and the Ford Foundation. and the Ford Foundation.


It is sponsored by a broad based coalition of It is sponsored by a broad based coalition of government, business, and non-profit groups at the government, business, and non-profit groups at the national and local levels and is supported by major national and local levels and is supported by major

foundations.foundations.

What is GeorgiaSaves?What is GeorgiaSaves?

America Saves campaigns have been America Saves campaigns have been started in other cities including:started in other cities including:

Cleveland Cleveland Kansas City Kansas City Indianapolis Indianapolis Charlotte Charlotte

PhiladelphiaPhiladelphia

Georgia Saves will be the first Georgia Saves will be the first statewidestatewide program program


GeorgiaSavesGeorgiaSavesFounding PartnersFounding Partners

University of Georgia Cooperative Extension Office University of Georgia Cooperative Extension Office of Family and Consumer Scienceof Family and Consumer Science

The Georgia Consortium for Personal Financial LiteracyThe Georgia Consortium for Personal Financial LiteracyRaise public awarenessRaise public awarenessDevelop an educational network of businesses Develop an educational network of businesses and public agenciesand public agenciesTrack & present research findingsTrack & present research findingsRecognize best practicesRecognize best practicesServe as a clearinghouseServe as a clearinghouse


Other Partners Other Partners (Also founding members of the GA Consortium for Personal Financial Literacy)(Also founding members of the GA Consortium for Personal Financial Literacy)

Federal Reserve Bank of AtlantaFederal Reserve Bank of Atlanta

Consumer Credit Counseling ServiceConsumer Credit Counseling Service

Junior Achievement of GeorgiaJunior Achievement of Georgia

Georgia Council for Economic EducationGeorgia Council for Economic Education

Georgia Higher Education Assistance Corp.Georgia Higher Education Assistance Corp.


The goal The goal of of

GeorgiaSaves GeorgiaSaves is to encourage is to encourage

low- to moderate-income low- to moderate-income Georgians Georgians

to become to become saverssavers..

Why Why GeorgiaSaves?GeorgiaSaves?

Why GeorgiaSaves?Why GeorgiaSaves?

•25% of U.S. Households have net assets under 25% of U.S. Households have net assets under $10,000 and are considered “wealth poor.”$10,000 and are considered “wealth poor.”

•23% of lower-income Americans tend to 23% of lower-income Americans tend to have a growing anxiety about their have a growing anxiety about their adequacy of savings.adequacy of savings.

•Those who have not developed a personal Those who have not developed a personal financial plan have not done so for fairly financial plan have not done so for fairly predictable reasons: the poor are most likely to predictable reasons: the poor are most likely to say they “don't have enough money to make it say they “don't have enough money to make it worthwhile.” worthwhile.”

Source: Consumer Federation of America Source: Consumer Federation of America


•In the first quarter of 2003, Georgia had 20,314 In the first quarter of 2003, Georgia had 20,314 personal bankruptcy filings.personal bankruptcy filings.

•In 2002, Georgia was ranked #4 in the number In 2002, Georgia was ranked #4 in the number of non-business bankruptcy filings.of non-business bankruptcy filings.

Source: American Bankruptcy Institute Website-abiworld.org. Source: American Bankruptcy Institute Website-abiworld.org.


•The personal saving rate for the U.S. is at the The personal saving rate for the U.S. is at the lowest level in history.lowest level in history.

•Families need to know how to plan their Families need to know how to plan their finances, cope with lack of adequate income finances, cope with lack of adequate income effectively, control cash flow, manage credit and effectively, control cash flow, manage credit and debt wisely, insure adequately, contribute to debt wisely, insure adequately, contribute to savings/investments regularly, pay necessary savings/investments regularly, pay necessary taxes but no more, prepare to retire at current taxes but no more, prepare to retire at current living level, and pass assets to heirs.living level, and pass assets to heirs.

Source: UGA Family & Consumer Sciences Extension Services Source: UGA Family & Consumer Sciences Extension Services

How Does How Does GeorgiaSaves GeorgiaSaves

Work?Work?

How Does GeorgiaSaves Work?How Does GeorgiaSaves Work?

•GeorgiaSaves GeorgiaSaves provides no-cost provides no-cost financial mentoring through financial mentoring through Wealth Wealth CoachesCoaches to motivate, guide and support to motivate, guide and support Georgia Georgia SaversSavers..

•Coaches help Savers set financial Coaches help Savers set financial goals and develop a plan to reach their goals and develop a plan to reach their goals through increased savings and goals through increased savings and debt reduction.debt reduction.

How Does GeorgiaSaves WorkHow Does GeorgiaSaves Work?

GeorgiaSaves GeorgiaSaves Savings StrategiesSavings Strategies

Pay off high-cost debtPay off high-cost debt

Home ownership before retirementHome ownership before retirement

Participation in employer-sponsored Participation in employer-sponsored retirement programsretirement programs

Save through automatic methodsSave through automatic methods

Earn a fair return through safe investmentsEarn a fair return through safe investments

GeorgiaSaves GeorgiaSaves

in Ten Georgia Sitesin Ten Georgia SitesAlbanyAlbanyAthensAthensAtlantaAtlantaAugustaAugusta

ColumbusColumbusMaconMacon

QuitmanQuitmanRomeRome

SavannahSavannahSwainsboroSwainsboro

Who Makes Who Makes GeorgiaSaves GeorgiaSaves

Work?Work?

Who Makes GeorgiaSaves Work?Who Makes GeorgiaSaves Work?

Extension AgentsExtension Agents

Motivational SpeakersMotivational Speakers

Wealth CoachesWealth Coaches

SaversSavers

Community Agencies and Community Agencies and OrganizationsOrganizations

Financial InstitutionsFinancial Institutions

Who Makes GeorgiaSavesWho Makes GeorgiaSaves Work?Work?

Extension AgentsExtension Agents

•Cooperative Extension of UGA Family & Consumer Cooperative Extension of UGA Family & Consumer ScienceScience

•Oversee & Coordinate Motivational Speakers & Oversee & Coordinate Motivational Speakers & Wealth CoachesWealth Coaches

•Provide Training WorkshopsProvide Training Workshops

•Work with Financial Institutions and Community Work with Financial Institutions and Community Agencies and OrganizationsAgencies and Organizations

•Promote Local AwarenessPromote Local Awareness


Motivational SpeakersMotivational Speakers

•Present Motivational WorkshopsPresent Motivational Workshops

•Deliver the Message of GeorgiaSavesDeliver the Message of GeorgiaSaves

•Introduce Georgia Saves ProgramIntroduce Georgia Saves Program

•Recruit SaversRecruit Savers


Motivational Speakers Motivational Speakers Training & ResponsibilitiesTraining & Responsibilities

Complete the Motivational Speaker Training Complete the Motivational Speaker Training (2 Hours )(2 Hours )

Present Motivational Workshop Present Motivational Workshop (2 -4 Hours per Month)(2 -4 Hours per Month)

Share A Personal Story Share A Personal Story Explain the Program Brochure & Form Explain the Program Brochure & Form Explain & Introduce the Wealth Coaches Explain & Introduce the Wealth Coaches Explain the Evaluation Process Explain the Evaluation Process

Recruit SaversRecruit Savers

Who Makes GeorgiaSaves WorkWho Makes GeorgiaSaves Work?

Wealth CoachesWealth Coaches•Coach 1 – 10 SaversCoach 1 – 10 Savers

•Help Savers Set Goals and Develop Simple Help Savers Set Goals and Develop Simple Monthly Savings or Debt Reduction PlansMonthly Savings or Debt Reduction Plans

•Provide Follow-up Phone Calls to SaversProvide Follow-up Phone Calls to Savers

•Recruit other Coaches and/or SaversRecruit other Coaches and/or Savers


Wealth Coaches Wealth Coaches Training & ResponsibilitiesTraining & Responsibilities

•Training for 3-4 Hours Training for 3-4 Hours

•Provide Coaching at Motivational Workshops Provide Coaching at Motivational Workshops (Approximately 1-2 Hours)(Approximately 1-2 Hours)

•Explain Georgia Saves Products Explain Georgia Saves Products (Specific Accounts set up at Financial (Specific Accounts set up at Financial

Institutions)Institutions)

•Make Sure Enrollment Form is CompleteMake Sure Enrollment Form is Complete


Wealth Coaches Wealth Coaches Training & ResponsibilitiesTraining & Responsibilities

•Follow-Up With Each Saver Follow-Up With Each Saver (each month for 3 months; then 6 months (each month for 3 months; then 6 months

later)later)

•Initial Meeting in PersonInitial Meeting in Person

•Follow-Up Meetings Via Phone or EmailFollow-Up Meetings Via Phone or Email

•Report to Extension AgentReport to Extension Agent


SaversSavers

•Come from Targeted Come from Targeted Companies/Groups/OrganizationsCompanies/Groups/Organizations

•Attend Motivational WorkshopAttend Motivational Workshop

•Complete Evaluation FormComplete Evaluation Form

•Complete Brochure Form with Goal Complete Brochure Form with Goal SettingSetting

•Open Savings Account or Increase SavingOpen Savings Account or Increase Saving



Financial InstitutionsFinancial Institutions

•Serve as GeorgiaSaves Financial Serve as GeorgiaSaves Financial InstitutionsInstitutions

•Provide Regular Accounts or Establish Provide Regular Accounts or Establish Special GeorgiaSaves Accounts for SaversSpecial GeorgiaSaves Accounts for Savers

•Can Offer Financial Education ProgramsCan Offer Financial Education Programs


10 Pilot Sites10 Pilot SitesRomeRome

AtlantaAtlanta

AlbanyAlbany

ColumbusColumbus

AthensAthens

MaconMacon

QuitmanQuitman

SavannahSavannah

AugustaAugusta

SwainsboroSwainsboro

What Now?What Now?

What Now?What Now?Agree to be a GeorgiaSaves Agree to be a GeorgiaSaves

Coordinator orCoordinator or

Partner Financial Institution and Partner Financial Institution and Community Organizations and Community Organizations and

AgenciesAgencies

Recruit Wealth Coaches and Recruit Wealth Coaches and Motivational SpeakersMotivational Speakers

Contact Patrice Dollar at Contact Patrice Dollar at UGA Cooperative Extension UGA Cooperative Extension

for More Informationfor More Information

Georgia SavesGeorgia Saves

Georgia Saves An Introduction What is GeorgiaSaves?

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