Norfolk, VA:  Virginia Saves is sponsoring a Financial Fitness Fair on February 27, 2010 at The Gallery at Military Circle from 10 am  - 2 pm as a public outreach during Virginia Saves Week to help citizens find ways to save in an unstable economy.  This event has activities for all ages and is designed to be fun and interactive while also providing some great tools every family can use to improve their personal finances.

Virginia Saves is a campaign to encourage citizens to build savings for unexpected costs or large purchases.  The Financial Fitness Fair is an effort to help increase awareness of savings and encourage people to get started on making savings a regular habit and is sponsored in part by a generous donation by SunTrust Bank.  More information about the Financial Fitness Fair can be found at www.unitedwayshr.org/fff

The Financial Fitness Fair is free and open to the public.  This will be a fun way to engage the whole family in learning about how they can build savings by starting with small increments.  There will be fun and games for every family member.  At the fair, children will display their piggy banks created in the Piggy Bank Pageant.  Children's groups throughout the area created banks from common household items with awards being presented at the fair.  

Savers will be treated to discounts at mall retailers that day and have a chance to win a great array of prizes.  Some retailers will also have ongoing discounts to encourage savers to stay with their commitment to save throughout the year.  The savings campaign is a year round effort to motivate citizens to save for their future purchases and for emergencies.  Savers can enroll online at www.virginiasaves.org or at any of our local participating organizations.   

Supplemental Background:

·         National Savings Needs:  Most Americans do not have adequate savings to meet major emergencies, let alone accumulate enough savings for retirement.  The typical American household has less than $100,000 in net wealth, including home equity and 401k accumulations, and only about $10,000 in net financial assets.  Lower income families have much fewer resources. 

• Local Savings Needs: In January 2010, Governor Timothy M. Kaine released the recommendations of the Poverty Reduction Task Force which included the promotion of savings and asset accumulation among families.  "In this current economic situation it may seem difficult to save and invest, but proper planning and budgeting can lead to solid behaviors and help individuals and families build a stronger financial foundation for the future," said Tommy Rueger, President & CEO, SunTrust Bank, Hampton Roads. "We're pleased to help bring this event to our community to help stress the importance of financial fitness." 

·         Expected local impacts:  Virginia Saves has set a goal to engage 100,000 savers over the next five years.  Locally in Hampton Roads, volunteer income tax assistance locations that serve low income households are promoting the savings message encouraging clients to use tax refunds as seed money for savings.  Several local financial partners are promoting savings in the community by offering employers onsite workshops for employees to help underscore the importance of making savings a priority.  Local banks and credit unions are offering no fee, low initial balance savings accounts to help savers get started on savings goals.  Cooperative Extension is extending the savings message as they provide community educational workshops.

·         Local participants:  Virginia Saves was organized as part of the Financial Stability Coalition of South Hampton Roads, a broad array of community partners including financial institutions, educational institutions, government agencies and non profits across the region.  Partners participating in Virginia Saves include: SunTrust Bank, Wachovia/Wells Fargo Bank, BB&T, First Command Bank, Chartway Federal Credit Union, Guardian Federal Credit Union,  and  NCP Community Development Federal Credit Union.  Participation is not limited to the banking community however, many of our community partners are joining in the campaign including United Way of South Hampton Roads, Junior Achievement , Cooperative Extension, Crown Financial Ministries, The UpCenter, Catholic Charities, South Hampton Roads Earned Income Tax Coalition, Virginia Individual Development Accounts, the Urban League and the City of Norfolk.

• Relation to America Saves Week and America Saves:  Virginia Saves Week is part of a larger nationwide America Saves Week that includes local, regional, and national organizations.  Local Saves weeks are being organized in over 40 locations across the United States.  National partners include Consumer Federation of America, Cooperative State Research, Education, and Extension Service (CSREES), Financial Planning Association, United Way of America, Department of Defense, IRS, Federal Reserve Bank, National Foundation for Credit Counseling,  National Black Caucus of States Institute, Corporation for Enterprise Development, Annie E. Casey Foundation, Family, Career and Community Leaders of America (FCCLA), and National Community Tax Coalition.
  

• About America Saves: America Saves was found in 2001 to encourage non-saving Americans to save through a social marketing approach.  About 1,000 organizations in over 50 local areas participate in America Saves Week, and have successfully encouraged and assisted hundreds of thousands of savers.