DIFS Promotes the Importance of Saving During America Saves Week

Media Contact:?Laura Hall, (517) 290-3779, [email protected]?
Consumer Hotline: 877-999-6442, Michigan.gov/DIFScomplaints

FOR IMMEDIATE RELEASE:?March 1, 2023

(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is participating in America Saves Week by highlighting several key areas that contribute to financial stability and encouraging Michiganders to check in on their finances. America Saves Week?is a national campaign that takes place February 27 ? March 3, during which thousands of organizations join together to increase consumers? financial knowledge and encourage them to set financial goals.

"Saving for the future is essential to establishing financial security, and America Saves Week is a great time to review personal and family budgets and find ways to save," said?DIFS Director Anita Fox. "Setting a clear savings goal and building good saving habits can help you prepare for a major life milestone or a financial emergency. As part of our mission, we are committed to supporting Michiganders as they improve their financial wellness by setting savings goals and creating plans to achieve them."

One way Michiganders can start building their savings is by establishing a relationship with a bank or credit union if they do not already have one. The Michigan Open Account Coalition is a partnership between DIFS and participating banks and credit unions offering certified low- or no-cost accounts to help Michiganders get access to critical financial services and build stronger financial futures, without worrying about hidden fees or costs. These accounts provide the benefits of a relationship with a financial institution, are easy to understand, user-friendly, have no surprise fees, and can help consumers on the path to financial security. A list of participating institutions can be found at Michigan.gov/DIFSOpenAccount.

Throughout the week, DIFS is sharing content on?Twitter,?Facebook, and LinkedIn?to highlight ?the importance of saving and to offer motivation for individuals and families to start or continue saving for their goals. There is also a wealth of personal finance resources on the?State of Michigan's Financial Literacy page.

Consumers who have questions or disputes that cannot be directly resolved with their financial institutions can contact DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or file a complaint online at?Michigan.gov/DIFScomplaints.

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS?or follow the Department on Facebook, Twitter, or LinkedIn.

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