News Release
June 25, 2008

UW extension effort seeks to increase savings in Converse, Natrona, Niobrara counties 

A campaign targeted at bucking woeful national savings trends has been launched in Converse, Natrona and Niobrara counties by the University of Wyoming Cooperative Extension Service (UW CES). 

The national trend for people saving a portion of their incomes every pay period is near zero.  “People just don’t practice the discipline to save a portion of their income every pay period like they did in the post-Depression years,” said Milton Green, extension educator for the three counties.

Green would like to recruit at least 800 people across Converse, Natrona and Niobrara counties who will commit to saving a portion of their income for the third quarter (July, August and September). 

 “Saving money is a very tough thing to do, and there are some generational differences that make it tougher now than ever before. Financial experts across the country contend that, for an individual to build wealth, you must ‘pay yourself first,’” he said.

Using the third quarter of the year has purpose.  According to Green, “People who save in the third quarter will go into the fourth quarter, the holidays, with a financial cushion.  Some people will obviously save more than others. The financial stress of the holiday season is always tough, and participants will not be encouraged to spend more as a result of participating in the savings program but hopefully will demonstrate to themselves how savings can reduce post holiday stress by reducing some of those post holiday bills. And, finally, participants will demonstrate to themselves and will realize how savings is a real step in building personal wealth.”  

This same campaign is taken off of a national program entitled “America Saves.”  The program is also targeted to those who are not enrolled in an active savings program.  There are no age limits, and there are no amount restrictions.

Enrollment is easy for groups and/or individuals, said Green.  To enroll, stop by your county UW CES office for an enrollment packet, complete the enrollment form and drop it off at the office.  “Open your savings account at a bank or credit union of your choice, and start saving,” said Green.

All information will be kept confidential, he said.  The data gathered will be used for determining who saves by age, gender and income only.  “Under no circumstance will any personal information provided be released to anyone for any purpose with the only exception being a formal legal process to seize the information,” said Green.  “This campaign is not intended to find out who is saving what; the purpose is to have people prove to themselves that money can be saved even in tough economic times, reduce debt and build wealth.”

###

Contact: Steven L. Miller, Senior Editor
Phone: (307) 766-6342
E-mail: slmiller@uwyo.edu
Archived News Site http://uwadmnweb.uwyo.edu/UWAG/news.asp

###