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Consumer Federation of America
Quick Hit
by Ashlee Rezin
9:48am
Mon Jul 8, 2013

Consumer Advocates Highlight Need For Savings Account Programs For Low-Income Americans

Automatically transferring a small amount of money into a basic savings account every month is the easiest and most effective way for low- to moderate-income individuals to save money, according to a recent report by the Consumer Federation of America (CFA).

“It’s so very important to build up savings, even if it’s just couple hundred, and park it for emergencies,” said Stephen Brobeck, executive director of the CFA, and author of the report, “Savings Accounts: Their Characteristics and Usefullness.”