ST. LOUIS, Mo. (First Alert 4) – Bankrate reports about 27% of Americans have no savings set aside for an emergency, a home, or retirement.
The City of St. Louis Treasurer’s office is looking to change that for local residents.
It’s Office of Financial Empowerment is offering the Second annual St. Louis Saves program. It’s a week of free financial literacy workshops and a program to encourage participants to build their savings.
The week of events kicked off in the City Hall Rotunda, where residents and city employees could meet with representatives from banks, credit unions, and community organizations.
“We want to engage people around opening a bank account if they’ve never had one, opening a savings account, learning about the different ways you can save, saving for an emergency, saving for education,” said City Treasurer Adam Layne.
Leo Spells is a participant returning for a second year to continue building his finances.
“To move into my new home,” he said.
This week, the City Treasurer’s Office is offering free workshops on money management for adults and kids, as well as financial counseling.
“They’re working with a financial representative on what are your long-term goals? And if you don’t have those, let’s start setting them,” said Layne.
Participants can take the America Saves pledge to set a savings goal and develop a plan to reach it. 168 people took the pledge last year.
“Collectively committed to saving over $700,000 over the year,” said Layne.
Spells shared the secret that he’s learned to build a savings account.
“Well, I just put it in and say, ‘Well, I’m broke. And I didn’t go back in it. You just have to tell yourself you’re broke, you don’t have it,” said Spells.
The workshops are free. Learn more and register at STLOFE.org.
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