MADISON, Wis. (PRESS RELEASE FROM WISCONSIN DEPARTMENT OF FINANCIAL INSTITUTIONS) – The Wisconsin Department of Financial Institutions (DFI) announced today that Governor Tony Evers has proclaimed November 7, 2024 as Wisconsin saves the day in Wisconsin. The proclamation is part of a statewide effort promoting automatic workplace savings with the Wisconsin saves program aimed at improving financial well-being. The Wisconsin Saves program is an employee-driven savings initiative that began as a pilot program in 2020. The program provides Wisconsin employers with resources to encourage their employees to save for emergencies and the future with their paychecks using the split deposit automated savings strategy.

“By working with our Wisconsin employers to help workers save automatically through their paychecks, the Wisconsin Saves program helps people build a more secure financial future while preparing for unexpected or emergency expenses,” said said Governor Evers. “I encourage Wisconsin employers to get involved in the Wisconsin Saves program by registering today so we can work together to build a stronger, more resilient Wisconsin for everyone.”

Participating employers receive free resources and a digital toolkit to educate their employees on the importance of building emergency savings, as well as the ease and benefits of automatic saving via split deposit. The research-based program uses principles of behavioral economics and social marketing to change behavior. More than 100 Wisconsin employers, representing approximately 15,000 employees, are already enrolled in the Wisconsin Saves program and are actively using program resources to educate their employees about split deposit and encourage use of the automated savings strategy today .

“Wisconsin Saves is a timely program aimed at helping Wisconsin employers recruit and retain top talent, especially in this ultra-competitive job market,” said DFI Secretary Cheryll Olson-Collins. “Employers can differentiate themselves from other businesses by offering this easy-to-use financial wellness benefit that helps their employees save in the simplest and most effective way by automatically saving through a split deposit. Through this program, we help Wisconsinites save money, reduce debt, and build wealth by automating their savings.

Employers can sign up for the Wisconsin Saves program at Wisconsin saves website, or on the DFI website Wisconsin saves web page, to receive a suite of resources to help them promote split deposit as a way to help their employees achieve their personal savings goals. All Wisconsin employers are eligible. For more information about the Wisconsin Saves program, contact David Mancl, director of DFI’s Office of Financial Literacy, at [email protected].

PRESS RELEASE: DFI press release

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