Financial confidence is important

Having a savings plan, knowing what resources are available for it, and knowing how to use those resources are the three vital factors needed to build financial confidence. I encourage all Delawareans to use America Saves Week as the incentive to save money, reduce debt and build wealth over time.

The theme for America Saves Week 2023, which runs Feb. 27 to March 3, is A Financially Confident You.

Financial literacy is important, but only when you know you have a plan to face your own unique situations or unexpected expenses do you achieve true financial confidence. Our office will share information throughout America Saves Week that will help people prepare for the future.

In its 16th year, America Saves Week, an initiative of the Consumer Federation of America, is an annual call to action for everyday Americans to commit to saving successfully, with each day having a specific theme:

• Monday, Feb. 27 - Saving automatically
• Tuesday, Feb. 28 - Saving for the unexpected
• Wednesday, March 1 - Saving for major milestones
• Thursday, March 2 - Paying down debt is saving
• Friday, March 3 - Saving at any age.

Information about each day’s focus as well as other useful information will be featured on Delaware’s America Saves webpage (https://treasurer.delaware.gov/asw23).

Since taking office, my main priorities focus on bolstering retirement security and readiness, creating pathways to economic empowerment and promoting a culture of financial excellence for all Delawareans.

In addition to administering the DE529 Education Savings Plan; DEPENDABLE, a savings vehicle for people with disabilities; and DEFER, a deferred compensation program for state employees; we developed new savings programs as well over the past year. Aspire529 is a program for youth in or aging out of the foster care system to help them pay for expenses related to college or vocational training, and with the help of the General Assembly, Delaware EARNS, a program designed to provide workers and employers access to low-cost retirement savings plans, is currently in development.

Members of the Legislature joined me again in support of education around saving by declaring Delaware Saves Week with the passage of House Concurrent Resolution 6.

"Financial security is critical to a person's independence and personal well-being,” said Rep. Larry Lambert, D-Claymont, sponsor of HCR 6. “Saving now for your retirement – even though it is decades away – provides people with stability and peace of mind, especially as they near their golden years. Yet still, nearly half of all American families don't have a retirement account, including 70% of families with below-average income.

"That's why I fought to pass the Delaware EARNS program with Treasurer Davis to make saving for retirement a reality for thousands of Delaware families,” Lambert said. “Encouraging residents to save during Delaware Saves Week puts this at the forefront and allows us to remind people just how important it is to start putting funds aside now for your future."

“The pandemic has shown us that it’s never been more important for families to have savings that they can count on,” said Sen. Nicole Poore, D-New Castle. “I was proud to work with Treasurer Davis and my House colleague Rep. Lambert last year on HB205, the Delaware EARNS bill. That’s why I also cosponsored House Concurrent Resolution 6, designating the week of Feb. 27 as Delaware Saves Week.”