ICI, ICIEF Support “America Saves Week” to Promote Financial Literacy and Planning
Washington, DC, February 26, 2018—The Investment Company Institute (ICI) and the ICI Education Foundation (ICIEF) today heralded the beginning of “America Saves Week 2018,” an annual campaign that supports and motivates individuals to plan for and achieve savings and other financial goals. Corporate, nonprofit, and government entities nationwide celebrate America Saves Week, which runs from February 26 to March 3.
“America Saves Week reminds us all to take time to assess our financial goals and develop realistic strategies to help achieve them,” said Sarah Holden, ICI’s senior director of retirement and investor research. “Whatever your financial priorities—a home purchase, school tuition, retirement, or a rainy day—there are many options available to build your savings.”
Americans Use Mutual Funds to Meet Savings Goals
More than 56 million US households—or 100 million individual investors—use mutual funds to save for their financial goals. ICI research finds that 92 percent of mutual fund–owning households identify saving for retirement as one of their financial goals, with 75 percent saying that it is their primary goal—often carried out through an employer-sponsored retirement plan such as a 401(k) or an individual retirement account (IRA). Almost half (47 percent) list saving for an emergency as a goal; close to one-quarter (23 percent) report saving for education among their goals.
ICI research also sheds light on savings across generations. Mutual fund ownership is highest among Baby Boom and Generation X households, and more than one-third (38 percent) of Millennial households already own mutual funds.
ICIEF Promotes Financial Education
“Supporting America Saves Week is an important part of our efforts to improve financial literacy,” said ICI Education Foundation Vice President Tina Kilroy. “We also take pride in our partnership with Junior Achievement, which each year engages tens of thousands of students in the Washington metropolitan area to teach them about investing through our interactive investor education exhibit. These initiatives help advance our core mission of promoting financial education and planning across generations.”