Department of Banking Encourages Saving and Smart Investing
February 23, 2012
America Saves Week, sponsored by the Consumer Federation of America, is a seven-day campaign to promote good savings behavior. This year’s theme is “Set a Goal, Make a Plan, Save Automatically. The Connecticut Department of Banking is using this opportunity to encourage consumers to focus on saving and smart investing.
“It is important to save for a secure retirement, and one of the most effective ways to save is automatically,” 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.”
Avoid paying unnecessary fees, particularly when it comes to credit and debit cards. Pay bills on time to avoid late fees. To reduce the amount of interest charges, try to limit credit card purchases to those that can be paid off in full at the end of the month.
The Department of Banking’s website 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.
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.
“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.”
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.