Sycamore, Ohio (Feb. 27, 2023)—During America Saves Week, First National Bank of Sycamore and the Independent Community Bankers of America (ICBA) are reminding consumers that building a financial nest egg can help alleviate stress and provide financial resiliency during times of economic distress or uncertainty.
While the percentage of adults who said they could cover a $400 unexpected expense grew to an all-time high of 68 percent since the launch of the Federal Reserve Economic Well-Being of U.S. Households report in 2013, America’s personal savings rate continued to decline, from 9.1 percent in Q3 2021 to 2.9 percent in Q4 2022, according to the Commerce Department. More than 37 percent of households said they were unable to cover expenses for longer than one month if they lost their main source of income, according to a Consumer Financial Protection Bureau report.
“Saving is an important component of creating financial wellness and stability,” Sarah Johnson, AVP and Financial Services Manager at First National Bank said. “As your trusted community bank, we can provide a financial check-in that can put you in the driver’s seat so you can stay the course to reach your savings goals and avoid financial pitfalls.”
First National Bank of Sycamore and ICBA offer the following tips to help consumers boost their savings:
Other important factors to consider when choosing where to place your savings:
“Community banks are a great resource to help finance major purchases and plan for your financial future,” ICBA President and CEO Rebeca Romero Rainey said. “Reach out to your local neighborhood lender and find out how they can help put your money to work for you and your community and help you build generational wealth.”
To talk more about the importance of saving or open a savings account during America Saves Week, stop by any of our four branches or call at 419-927-6392 and ask to speak with one of our Personal Bankers.
First National Bank of Sycamore is a locally owned, independent community bank with locations in Sycamore, McCutchenville, New Riegel, and Tiffin, Ohio.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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