After decades of credit card addiction, Americans are becoming savers once again. According to the Bureau of Economic Analysis, the average savings rate increased from 1.7% in 2008 to 4.6% in June 2009.
But improving one’s saving habits will not be enough to help people who face rising credit card interest rates, income reduction and mounting debt. In order to successfully overcome these and other economic challenges, individuals must learn to improve their long-term finances through appropriate investing.
To help local residents learn basic investment strategies, Bay Federal Credit Union is offering a free class for the community entitled, "On the Road to Riches: The Basics of Saving and Investing." Paul Clark and Angelica Reyes, Bay Federal Credit Union’s saving experts, will lead seminar attendees through a series of activities to help them determine how much they need to save for the future, what saving and investment tools are available, and the appropriate combination of investments to suit individual needs.
"Financial education is increasingly important for everyone, not just for investors,” said Angelica Reyes, Bay Federal's Community Outreach and Financial Education Manager. “To successfully balance a budget, buy a home, save for a college education and accumulate earnings for retirement, the average individual must learn the basics of investing. The information presented in this seminar is essential to our community’s well-being and economic future."
"On the Road to Riches: The Basics of Saving and Investing" will take place on Thursday, Sept. 24, from 6pm to 7:30pm in Room 225 of the Student Activity Center East, Cabrillo College, 6500 Soquel Drive, Aptos. Space is limited; those interested in attending should reserve a seat by calling 831.477.8427 or sending an email to seminar@bayfed.com. For more information about Bay Federal's financial education programs, visit www.bayfed.com.
About Bay Federal Credit Union
Bay Federal is a full-service financial institution that serves over 66,000 members and 500 local businesses throughout Santa Cruz, San Benito and Monterey Counties. With over $600 million in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County and has served its members and the community since 1957. Bay Federal supports many local organizations and schools each year and 100% of employees have given their own time and money to support the community for each of the last six years. www.bayfed.com.