New Tool Helps Consumers Turn Loose Change Into Big Bucks
June 22 2004 - 9:24AM
PR Newswire (US)
New Tool Helps Consumers Turn Loose Change Into Big Bucks Personal
Savings are Finally on the Rise in the U.S. and the Latest Tool
From Capital One and Consumer Action Helps Consumers Maximize Their
Savings to Build Wealth MCLEAN, Va., June 22 /PRNewswire-FirstCall/
-- According to new data from the Department of Commerce, on
average, Americans saved 2.4 percent of their disposable income in
April, the highest rate since the 2.7 percent recorded in August
2003. But while savings rates are improving, Americans still fall
far short of the 10 percent savings most experts recommend. With
this in mind, Capital One and Consumer Action have developed a free
new guide, Saving to Build Wealth: Making Your Money Work for You,
which offers savings tips and strategies designed to help consumers
from all income levels increase their personal wealth and save for
the future. "We've all heard the old adage 'a penny saved is a
penny earned' and know that saving for the future -- or even a
rainy day -- is important," said Ken McEldowney of Consumer Action.
"But many people miss out on opportunities to maximize their
investments. We created the Saving to Build Wealth tool to show
consumers that a few small changes can add up to big savings." The
brochure includes information on: * Establishing a savings plan *
Setting financial goals * Making the most out of your current
savings * Choosing a savings account to best suit your financial
goals "Most Americans are not actively saving or investing for
their future," noted Diana Don Colby, Director of Financial
Education at Capital One. "Saving to Build Wealth is designed to
help consumers take the first step toward making their money work
for them by guiding them through the basics of saving, investing
and the tools available to help them meet their savings goals."
Saving to Build Wealth is a part of the MoneyWi$e series, a
national financial literacy partnership between Capital One and
Consumer Action. It is the first program of its kind to combine
free, multilingual financial education materials with community
training and seminars to give consumers at all income levels both
the information and the practical assistance they need to make
smart financial choices. You can access the Saving to Build Wealth
brochure online at http://www.money-wise.org/ or by sending a
self-addressed legal-size envelope with 60� postage to Consumer
Action Savings, 717 Market St., San Francisco, CA 94103. Please
specify which language version is desired: English, Spanish,
Chinese, Korean or Vietnamese. About Capital One Capital One
Financial Corporation (http://www.capitalone.com/), a Fortune 500
company headquartered in McLean, Va., is a financial services
company that offers customized financial products and services to
meet individual consumers' needs. Capital One, one of the largest
providers of MasterCard and Visa credit cards in the world, also
provides auto and other motor vehicle financing products, savings
vehicles and a host of other financial services, with more than 46
million managed accounts. About Consumer Action Consumer Action is
a non-profit, membership-based organization founded in San
Francisco in 1971. Consumer Action serves consumers nationwide by
advancing consumer rights, referring consumers to
complaint-handling agencies and publishing multilingual educational
materials. Consumer Action also advocates for consumers in the
media and before lawmakers and annually conducts comparison surveys
for consumers on credit cards, banking issues and
telecommunications issues. DATASOURCE: Capital One Financial
Corporation CONTACT: Libby Holman, +1-202-778-1028 or , for Capital
One Financial Corporation Web site: http://www.capitalone.com/
http://www.money-wise.org/
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