Power of Savings

In spite of a strong economy and low unemployment, here are some surprising statistics about the financial health of typical American households¹:

• The average American household has an average of only $8,863 in liquid savings in a deposit account.
• 60 percent of millennials don’t have enough money to cover a $1,000 emergency.

Have you ever found yourself wishing that you could save more money every month, but don’t know where to begin? Or have you ever said to yourself, “I don’t have any extra money to save, so why even try?”

Ireland Bank is here to tell you that it is possible and you can do it. Even small amounts add up over time. Here are a few examples.

Have you heard of the 52 Week Savings Challenge? By saving a little each week all year long you’ll be surprised at the balance in your savings account at the end of the year. Check out two versions of the 52 Week Savings Challenge below to see how it works.

To learn more about Ireland Bank savings accounts click here.

52 Week Challenge

Reverse 52 Week Challenge

1. Information taken from ABA Banking Journal July 2019 article.