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An initiative launched recently by United Way chapters throughout Utah takes on added importance in view of recent reports about the woeful savings habits of Americans.
The Commerce Department says the savings rate in the United States is at its lowest level since the Depression era. Last year, Americans' personal savings fell into negative territory. Simply put, Americans are spending everything they're earning, and then some. And that, in KSL's view, is a financial catastrophe waiting to happen.
So what is the United Way doing?
The program is called Utah Saves. The idea is to help "all Utahns build assets, reduce debt, and create long-term financial security."
First, they're creating public awareness of the value of saving money, and they're urging citizens to commit to the concept. Then they are offering programs, services and a variety of effective tools to encourage and literally teach people how to save, even if it's only pennies.
In KSL's view, this is a most timely and vital offering.
The current unfortunate mentality of spend, spend, spend must somehow be supplanted by the time-honored value of regularly setting aside a portion of one's income for times of inevitable need. We strongly support the effort and encourage residents to become Utah Savers.
