Military Saves announced today ten Savings Champions recognized for their extraordinary efforts to motivate U.S. service members and their families to develop a savings habit during Military Saves Week. This is the first year the award is being presented.
“At a time when many military families have inadequate emergency and transition savings, these installations are going above and beyond to encourage the military community to save,” said Military Saves director Alecia Blair, AFC®. “Financial readiness is a key component of military readiness, and these military installations are ensuring preparedness by helping military families get in the habit of saving. Savings Champions don’t just tell people why it’s important to save, they help them do it.”
Savings outreach to service members is especially critical in 2018 because the U.S. Department of Defense rolled out its new Blended Retirement System (BRS) on January 1, 2018. Eligible service members must decide by the end of the year if they will remain in the legacy retirement system or enroll into the Blended Retirement System.
Savings Champions were selected based on the number of Military Saves Pledges each installation collected. The Military Saves Pledge was developed to guide service members and their families through creating a simple savings plans. Savers with a plan are twice as likely to save effectively.
More than 25,000 individuals completed the Military Saves Pledge during Military Saves Week 2018.
“With frequent moves and deployments, it can be especially difficult for military families to save effectively,” said Blair. “Thanks to the Savings Champions, service members and their families are better prepared to navigate the financial challenges of serving our country.”
2018 Military Saves Week Savings Champions:
The announcement of this year's Savings Champions follows last month's release of the 2018 recipients of the America Saves Designation of Savings Excellence awarded to banks, credit unions, and military-affiliated organizations. >> Learn more