December 02, 2002
The Business Report - Savannah, Ga

GeorgiaSaves launched a statewide campaign to help Georgians save money, reduce debt and build wealth. GeorgiaSaves is part of AmericaSaves, a national movement focused on encouraging low- to moderate-income earners to develop good savings strategies.

The statistics show that Georgians, like the rest of the country, do not save enough money to help them weather economic downturns. According to the U.S. Department of Commerce, the national savings rate for 2001 was only 2.3 percent of personal income. The American Bankruptcy Institute statistics reveal that in 2002, 68,912 Georgians filed for personal bankruptcy, compared to 58,903 filings in 2000.

GeorgiaSaves hopes to improve those numbers by offering Georgians support from volunteer wealth coaches. These volunteers will help the program participants, called Georgia Savers, set financial goals and develop a savings plan.

Barry Reid, chairman of the Georgia Consortium for Personal Financial Literacy, stresses the need for volunteer wealth coaches across the state. "The coaches are the critical link," Reid said. "They will provide the encouragement necessary to motivate savers to reach their financial goals."

Volunteers will receive training and coach enrolled participants on savings strategies, compound interest, debt repayment and wealth accumulation. There are no costs incurred by participants, and savers control their own money.

The University of Georgia Cooperative Extension Office of Family and Consumer Science and the Georgia Consortium for Personal Financial Literacy formed a strategic partnership to initiate GeorgiaSaves, the first statewide effort of AmericaSaves. Joining these founding partners in the campaign are the Georgia Counsel for Economic Education, Federal Reserve Bank of Atlanta, Junior Achievement of Georgia, Consumer Credit Counseling Service and the Georgia Higher Education Assistance Corporation.

GeorgiaSaves is looking to partner with employers, organizations and individuals across the state. To receive more information about how you can be involved, call the Georgia Consortium for Personal Financial Literacy at 404-240-0790.