WHEREAS, America Saves Week is a new effort aimed at reaching more institutions and individuals to increase awareness that people need to save money, reduce debt and build wealth; and
WHEREAS, Philadelphia is one of five major cities chosen to participate in the America Saves program; and
WHEREAS, One of Philadelphia's most famous residents, Benjamin Franklin, coined the phrase, A penny saved is a penny earned and historical institutions such as Philadelphia Saving Fund Society ingrained the phrase as part of this City's history of saving; and
WHEREAS, The Philly Saves Campaign includes special segments to directly address the goals for African-American, Hispanic, Female and Interfaith populations; and
WHEREAS, Saving critically affects lifetime levels of living and well-being, including creating generational wealth; and
WHEREAS, Saving also helps households meet financial emergencies, large unexpected income losses or expenses, well before retirement; and
WHEREAS, Through information, advice, and encouragement, citizens of Philadelphia who wish to pay down debt, build an emergency fund, save for a home or retirement will have the resources to do so; and
WHEREAS, Gearing non-profit, corporate and government groups to help the citizens of Philadelphia save and build wealth will have a positive impact on the City; and
WHEREAS, Wealth and asset building could lead to less violence in the City by increasing options for the citizens of Philadelphia; and
WHEREAS, The city as a whole placing greater importance on saving is an important goal to work towards; now therefore
RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Recognizes the week of February 25th through March 8th as Philadelphia Saves Week.
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