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Americans, it seems, have a hard time saving.
Instead, they're piling on debt at record levels, according to various surveys. For example, the Federal Reserve Board's recent triennial Survey of Consumer Finances showed U.S. families took on 34 percent more debt from 2001-2004 while their net worth barely increased.
It's a huge concern. And it's why KSL is pleased to learn that a savings program initiated late last year by United Way is having a significant impact.
The program, Utah Saves, is designed to help Utahns "build assets, reduce debt, and create long-term financial security." So far, more than 2,400 Utahns have turned to Utah Saves for help. At last count, they have collectively saved more than $2.3 million. Thousands are learning to be in control of their finances.
That's impressive!
KSL encourages more debt-ridden Utahns to get involved in Utah Saves. Contact the United Way for details. Or go to the program's website at www.utahsaves.org to enroll and get started. The service is free of charge.
The current societal mentality of non-stop, even uncontrolled spending must somehow be supplanted by the time-honored value of regularly setting aside a portion of one's income for times of inevitable need. Indeed, learning to save should be a priority for every American consumer.
