SAN FRANCISCO, Jan. 4, 2012 /PRNewswire/ -- Financial New Year's Resolutions are hard to keep. That's why America Saves (www.americasaves.org), a national initiative that encourages individuals and families to save money and build personal wealth, has partnered with SaveUp (www.saveup.com), the nation's first free rewards program for saving money and reducing debt, to offer $1,000 towards a savings account to help jump-start one saver's 2012 savings goals. The winner will be chosen on January 31, 2012. To be eligible for a chance to win the $1,000 savings prize, or any of SaveUp's other exciting rewards, new and existing America Saves users must register at www.americasaves.org/saveup. SaveUp is available for free to Americans who bank at more than 18,000 US financial institutions.
Unlike traditional rewards programs that focus on driving consumer spending, SaveUp rewards users with credits for performing positive financial actions, such as contributing to their savings or retirement accounts; paying down their credit cards, mortgages or other loans; and engaging with SaveUp's financial education content on the site. SaveUp users can use their credits to play for exciting rewards such as retail gift cards, electronics, vacations, home make-overs, cars and even a $2 million jackpot.
As part of the America Saves partnership, new and existing SaveUp users will instantly earn 100 bonus credits for joining America Saves at www.americasaves.org/saveup. Only those who sign up through America Saves will see the $1,000 savings prize option and be eligible to win. Upon joining America Saves, members will also receive access to the popular Savers Tracking Tool, a free monthly e-mail newsletter with savings advice from national experts and a subscription to the quarterly American Saver newsletter.
"America Saves is committed to finding innovative ways to help Americans save successfully. That's why we're pleased to partner with SaveUp, whose unique and fun approach for motivating people to save money and get out of debt rewards those who have made a savings plan," said Nancy Register, America Saves Director. "Our mission is to encourage Americans to set a savings goal, make a plan and start saving automatically. SaveUp can help our members achieve their goals by making saving money fun and rewarding."
According to a 2011 America Saves survey(i), the proportion of Americans who are "very concerned" about the impact of the current recession on their personal finances rose from 43 percent in February 2010 to 49 percent in February 2011. However, the survey showed a striking difference between the savings progress of those who had a savings 'plan' versus those who did not. Specifically, the survey showed a dramatic increase among those who spent less than they earned and saved the difference (88% vs. 50%); reduced their debt or became debt-free (87% vs. 69%); had sufficient emergency savings (85% vs. 50%); and saved enough for retirement (61% vs. 27%).
"We're proud to partner with America Saves, which has had a definitive, positive impact in getting Americans to focus on saving for their futures," said Priya Haji, CEO and co-founder of SaveUp. "The $1,000 savings prize we're offering to SaveUp and America Saves members is a great way to start the year off right, and we know it will provide the positive motivation they need to continue saving money, paying down debt and perhaps win additional prizes – all year long."
About America Saves
America Saves is a research-based marketing campaign that seeks to motivate, encourage, and support low to moderate income households to save and build wealth. More than 1,000 non-profit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. Learn more at www.americasaves.org.
Founded in 2011, San Francisco-based SaveUp created the first free nationwide rewards program that encourages Americans to save money, pay down their debts and make positive changes to their financial behaviors. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting or life-changing prizes for performing positive financial actions. The company is funded by BlueRun Ventures and True Ventures. To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at www.saveup.com.
(i) (Source: America Saves and the American Savings Education Council (ASEC) 2011 National Survey Assessing Household Saving (link))