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CFPB Announces Start Small, Save Up Initiative

WASHINGTON, D.C. — Consumer Financial Protection Bureau Director Kathleen L. Kraninger today announced an initiative to help promote the importance of savings among Americans. The Start Small, Save Up initiative offers tips, tools and information to help consumers build a basic savings cushion and saving habit, as a foundation for securing their financial futures.

“Our research finds that even small amounts of liquid savings can make a big difference,” Kraninger said. “Unfortunately, 40 percent of Americans could not cover even a $400 emergency expense out of their own liquid savings. Many national organizations are working to help people to build a foundation of basic savings and we are proud to join with them and support this effort.”

With the Start Small, Save Up initiative, the CFPB seeks to encourage consumers to create, maintain, and grow emergency savings accounts as part of their overall financial well-being. It offers resources that can help consumers begin an emergency savings account and establish a habit of saving. The Start Small, Save Up web page is available at: https://www.consumerfinance.gov/start-small-save-up/.

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The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.