DURANT, Okla., Feb. 24, 2016 /PRNewswire/ -- First United is celebrating "America Saves Week" Feb. 22-27, and inviting customers to sign their name to a pledge card to make a commitment to save. The pledge cards will be displayed in the community bank's lobby. To support their commitment, First United offers resources through its Spend Life Wisely® initiative and will provide savers with a budgeting chart for building a realistic plan for reaching their goals.
An emergency savings fund of three to six month's income is recommended as a reserve for a job loss, healthcare expense, home or car repair, or other major unexpected expenses, but statistics from the Pew Charitable Trust revealed that many Americans are living dangerously close to a financial crisis:
- One in three American families have no savings.
- Six in ten households reported experiencing a financial shock in the previous year.
- The typical household spent $2,000 or half of a month of income on its most expensive unexpected financial shock.
- Many would go into debt to pay for a financial shock with 49 percent using credit to pay for a financial shock and 36 percent borrowing money from another person.
"One of the greatest ways to promote financial well-being in our lives is savings. Whether it's a family vacation or broken down car, we want everyone to have a cushion for life's joys and challenges. The reward of peace of mind is priceless," said Greg Massey, CEO of First United.
Financial well-being is one of First United's four pillars for Spend Life Wisely, a program designed to empower others to reach their fullest potential. Other pillars include wellness, personal development and faith. Learn more at firstunitedbank.com and spendlifewisely.com.
ABOUT FIRST UNITED:
Established in 1900, First United has more than 35 community banks throughout North Texas and Oklahoma. It is one of the largest, well-capitalized banking organizations in the Southwest with assets of more than $3 billion, and it is among the largest privately held community banking organizations in the U.S. First United provides a full range of financial services including banking, mortgage, insurance, and wealth management products and services, and is dedicated to helping customers Spend Life Wisely®. Learn more at firstunitedbank.com.
SOURCE First United