First United Invites The Community To Sign A Pledge To Save During "America Saves Week"

Many Americans lack sufficient funds to pay for the unexpected

24 Feb, 2016, 12:34 ET from First United

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

Media Contact:
Jacy Cochran
(214) 728-5012
jacy.cochran@theloomisagency.com   

Justin Sanderson
(972) 569-2321
jsanderson@firstunitedbank.com

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SOURCE First United



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