CFPB hosts savings summit to find opportunities to help people save

On Wednesday, Jan. 8, the Bureau hosted a savings summit to learn about innovative savings initiatives and discover opportunities to make it easier for people save. 

Participants included non-profits, credit unions, community banks, and financial institutions from across the country.  

This convening has followed numerous round tables with consumers, employers, community groups, and financial institutions as part of the Bureau’s Start Small, Save Up initiative. The initiative aims to increase opportunities for people to save and empower them to achieve their emergency savings goals. To do that, we are focusing on collaborations with community groups, employers, and financial organizations.

The event included a spotlight on new savings opportunities, ideas for how to effectively reach consumers on their savings options, and measuring effectiveness of current savings programs through research partnerships.

During the summit, the attendees discussed the role employers can play in adding savings programs at work and an overview of behavioral economic principles and techniques that have been successful to get people to start saving.

The Bureau will continue to bring sectors together to find pathways to help people to save.