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Savings Bond Working Group
September 25, 2014
Note New Conference Line Info:https://join.me/D2DFUND.LINE1
1.860.970.0010 361-277-745#
Agenda
1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting
Agenda
1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting
New Savings Bond Working Group: Structure & Resources o The Savings Bond Working Group was founded in 2008
o Since then, many changes to savings bonds both at tax-time and year-round (i.e. MyRA)
o After interviewing current and past SBWG members, several common goals:o 1) Shared Learnings – How can support each other to
promote savings bonds?o 2) Networking – Who & where?o 3) Policy & Advocacy – Opportunities to advocate federally
and locally
New Savings Bond Working Group: Structure & Resources o Changes:
o Logoo Sign-Up Processo Launch of Members-Only Pageo Calls will focus on discussion &
shared learningo More resources in newsletter
New Savings Bond Working Group: Structure & Resources
o Sign-Up Hereo Opt-Out/Change your Contact Infoo Launch of Members-Only Page:
http://www.d2dfund.org/sbwgmembersonlyo Username: sbwgmembero Password: d2dsbwg
o Newsletter: Want to share any news? [email protected]
Agenda
1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting
Savings Bonds Policy & Advocacy: Updates o Government Accountability Office
(GAO) Request: Accepted!o Cosigners: Rep. Neal, Rep. Hinojosa,
Rep. Ellison, Rep. Rangel, Rep. Tsongas, Rep. Michaud, Rep. Benishek, and Rep. Duffy.
o Read the Letter on Members-Only Site or Here
o First GAO study on tax-time savings bonds & overall impact of savings bonds in helping Americans save
Savings Bonds Policy & Advocacy: Updates
o MyRA: Announcement from Treasury at CFED Assets and Learning Conferenceo MyRA will launch in fall 2014 through limited
employerso Treasury announced that it is looking to integrate
MyRA into tax time by 2016o Account opening versus account funding
o Committed to launching to self-employed by 2016
Savings Bonds Policy & Advocacy: Updates D2D's Consumer Research about Preferences for Government-Administered Retirement Savings Product
oD2D supports the U.S. Treasury's efforts to expand access to quality retirement savings products through myRAoD2D is interested in understanding consumer preferences for features of a government-administered retirement savings product
o What features will make such a product appealing?o How can this product reach underserved consumers?
oD2D fielded an online survey to over 2500 respondents through survey vendor Toluna from April 18 to May 15, 2014oData has been weighted to be representative of the U.S. population from ages 25-49 according to the 2010 U.S. CensusoResults will be published in late 2014 and illustrate consumer preferences for:
o Product featureso Marketing and distribution
Savings Bonds Policy & Advocacy: Updates
o SaveYourRefund by the numbers:o 2779 entrants, $2,551,658.35 savedo 1053 bonds purchasers, $169,700
savedo 79% of entries came from VITA sites
o Strong Partner support o “Split, Save, Win” available at
d2dfund.orgo SaveYourRefund next steps
Agenda
1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting
East Bay Asian Local Development Corporation Building Opportunities by Connecting Communities
EBALDC’s Savings InitiativeIntegrating lessons from behavioral economics
to increase tax time asset building
Sarah TeaterFamily Economic Success Supervisor
September 25, 2014
About EBALDC
EBALDC is a non-profit community development organization that builds healthy, vibrant, and safe neighborhoods in Oakland and the greater East Bay.
Tax preparation is a unique opportunity to improve the financial well-being of low income households:
• Hundreds of households• Building financial trust• Window into finances and goals • Using “found” money (refund) to kick start saving • Gateway to financial counseling and services
Asset Building at VITA
Clients are encouraged to save a portion of their refund and take advantage of ongoing financial counseling:
•Save Some, Spend Some•No Account? Opening a safe prepaid debit card•Savings Bonds•Financial Counseling at the SparkPoint Center
The Savings Initiative
2014 Results
• Tax Clients Served: 357• Clients Who Saved: 102• Savings Bonds Purchased: 26• Savings Accounts Deposits: 83• Prepaid Debit Cards Opened: 46• Total Invested in Personal Savings: $106,557• Average Saved Per Client: $1,044.68
2013 Savings Initiative Client Flow
Key Elements for Success
Selecting the Right Product
What if they say no?
Agenda
1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting
Next Meeting
Thursday December 18, 2014: 2pm ESTWebinar Info: https://join.me/D2DFUND.LINE1 Dial in Info: 860-970-0010 Code: 361-277-745#
Interested in presenting? Email us: [email protected]
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