Department of Banking Reminds Consumers to Find Ways
to Save During America Saves Week
February 23, 2011
America Saves Week is a seven-day campaign to encourage Americans to save for a secure retirement. Sunday, Feb. 20 marked the start of America Saves Week, and the Connecticut Department of Banking is using this opportunity to encourage consumers to focus on saving and smart investing.
“Investigate before you invest,” advised Banking Commissioner Howard F. Pitkin. “The Department of Banking’s Securities Division can help you check out whether a person or firm is licensed to do business in Connecticut. Before you invest any of your hard-earned money, make sure you are fully informed about the product and the salesperson.”
As part of America Saves Week, the Department of Banking reminds investors to do their homework before they make any investment decisions and to “investigate before they invest” by contacting the agency’s Securities Division toll-free, at 1-800-831-7225, for detailed information about their broker, adviser or investment product before they hand over any money.
The Department of Banking’s website - www.ct.gov/dob - includes a section dedicated to “Consumer Information and Education” and provides free online investor education resources to help investors evaluate the risks of various investment opportunities and spot the red flags of fraud.
“This may sound like old news, but it is never too late to start saving,” said Banking Commissioner Howard F. Pitkin. “Even a small amount per week will add up, and if you save through payroll deduction you won’t even see it to miss it. Save regularly and invest prudently.”
“If you are paying late fees to your credit card company you are throwing your money away,” said Commissioner Pitkin. “I recommend not only paying your bills on time, but try to pay off your balance in full. By limiting your credit card purchases to those you can pay off at the end of the month, you’ll help reduce the amount of interest you end up paying.”
The Department of Banking is a proud partner of the Consumer Federation of America’s America Saves Week, which aims to promote personal savings and improve financial education. For more information on America Saves Week, visit www.americasavesweek.org.