The APA is participating in an America Saves statewide working group for Wisconsin that will develop an outreach plan, free resources, and opportunities for employees of small- and medium-sized businesses to set up the process to save automatically. The focus is on encouraging employees in Wisconsin to set aside income for emergency funds.
America Saves, a campaign established by the Consumer Federation of America, is a national nonprofit leader promoting and supporting positive savings behavior. Because of similar interests with America Saves, APA will add its voice to employer and employee committees to raise awareness about emergency savings in Wisconsin.
Payroll professionals play an important role in encouraging employees to save because direct deposit is arranged through payroll systems. The APA has experience encouraging savings. During National Payroll Week, APA posted information to its website on paycheck tools including direct deposit. The site explains why direct deposit is important, how to arrange for direct deposit of wages, and other resources where individuals can obtain more information.
Each year, APA’s Money Matters National Education Day encourages financial literacy through payroll professionals teaching paycheck basics to young adults. Topics have included payroll withholding systems, how paychecks are calculated, and the pros and cons of various payment methods. APA’s free eBook Understanding Your Pay offers basic guidance about pay and is especially useful for new employees. By understanding their pay, employees can better manage their income and save money for short-term and long-term needs.
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Alice P. Jacobsohn, Esq., is Director of Government Relations for APA.