FDIC Chief Asks Americans To Ratchet Up Savings

Feb 22, 2010 4:52pm

ABC News’ Matthew Jaffe reports: The recent economic meltdown has caused many Americans to start spending less and saving more. Now the head of the government agency that insures bank deposits is asking consumers to save even more. “Because we care about you and your money, I’m encouraging you to save some of your hard-earned cash,” FDIC chief Sheila Bair says in an online video posted today to commemorate America Saves Week, which runs from February 21 to 28. “I’m asking all Americans to join me and my family in making a commitment to save more in 2010 and let’s resolve to keep that commitment in the years to come,” Bair says. In the wake of the country’s worst recession since World War II, the country’s personal savings rate jumped to 4.6 percent last year from 2.7 percent in 2008, according to government statistics. The move came as debt-riddled Americans sought to get their financial situation back in order. “The recent financial crisis exposed the dangers of excessive borrowing and the importance of having resources to fall back on,” Bair says. “Saving money strengthens families and strengthens America. Let’s strike a better balance between saving and spending and let’s borrow only when absolutely necessary. “I know these are hard economic times for many of us – it’s never easy to put money away but even putting away a small amount, say a few dollars every week, can quickly add up,” she concludes. “Commit to save – I guarantee you won’t regret it.” You can watch the video here: -Matthew Jaffe

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