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New Research to Detail the Economic
Benefits of Higher US Household Saving Findings to be released at June forum
June 5, 2014 (Washington, DC) The decline of US household saving threatens to undermine the nation’s economic future. Unfortunately, too few people realize the multiple roles that saving plays in the US economy—in stimulating growth, fueling investment, spurring long-term job creation, reducing reliance on foreign capital, protecting taxpayers, and preparing American workers for retirement.
To drive support for public- and private-sector action to boost saving, a diverse group of retirement associations, financial service firms, civic groups, and business leaders representing more than 80 million Americans has come together to increase awareness and foster an open dialogue about the importance of US household saving to the national economy. The group includes AARP, the Aspen Institute, Bank of America Merrill Lynch, Financial Services Roundtable, John Hancock, LPL Financial, Natixis Global Asset Management, the New England Council, Putnam Investments, and the US Chamber of Commerce.
The first step in this effort will be the release of a report entitled Another Penny Saved: The Economic Benefits of Higher US Household Saving from Oxford Economics, a leading economic consultancy. Oxford Economics has used its highly respected macroeconomic models to analyze national saving over the next 25 years by determining the investment needed to drive healthy, sustainable economic growth; the savings needed to fuel it; and the additional savings households must generate to get there.
Unlike other studies, this pioneering research program provides clear evidence of the linkages between US household saving and economic prosperity, and provides empirical insights into potential solutions to bridge the US savings gap.
The research findings and recommendations on steps policy-makers and business leaders can take to improve our economic future by addressing the rate of saving in the US will be discussed at the upcoming US Saving Forum, June 24th in Washington, DC. To learn more, and follow the debate, please visit our website: www.AnotherPennySaved.com.
The Aspen Institute
American Society of Pension Professionals & Actuaries
Bank of America Merrill Lynch
Financial Services Roundtable
John Hancock Financial
Natixis Global Asset Management
The New England Council
The US Chamber of Commerce
Join the conversation and connect with attendees and speakers on Twitter via #anotherpennysaved