Working Americans are still struggling when it comes to saving money. In fact, a recent survey from Bankrate.com reports that more than one in five of those working Americans don’t save any of their annual income. The ones who are saving are not saving very much – only 16% are saving more than 15% of their income.
Beyond offering products with favorable rates, how can Credit Unions help their members save more? Affinity Federal Credit Union’s answer: start the conversation and incentivize members to save.
Affinity Federal Credit Union in
Basking Ridge, NJ launched a new initiative in 2019 called the Great Affinity
Savings Challenge. The goal of Affinity’s initiative is to encourage members to
save their money, save their time, and save on interest, fees etc. by using
Affinity’s savings tools. This savings challenge campaign idea stemmed from the
fact that Americans simply don’t save enough money for emergencies or to reach
their goals, and Affinity exists to see their members financially succeed.
Once the structure of the Great
Affinity Savings Challenge was in place, leadership knew that creatively communicating
the initiative to members in an exciting and easy-to-understand way was going
to be key to the program’s success. They enlisted the help of Michael Walters
Advertising, a Chicago-based agency with 30 years of experience in working with
Michael Walters assisted Affinity with
this goal by designing an engaging and attention-grabbing advertising and
marketing campaign that invites Affinity’s members to enter a monthly
sweepstakes to win $1,000. The campaign educates members about saving, takes
them step-by-step through processes that make saving stress-free and simple,
and incentivizes members with cash prizes for their efforts.
Affinity’s members are saving money
for the important things in life – the things that make life feel worthwhile
and special such as a family vacation, college tuition, a comfortable
retirement or a dream car. MWA utilized language and visuals that would ease
members into practicing better savings habits and showcased examples of goals
within their reach. After all, the mission of this initiative is to simply get
members saving, no matter how much. This initiative was brought to life in
multiple mediums including desktop, mobile, tablet and in-branch, so that no
matter where the consumer was, they were reached by the Great Affinity Savings
Activities that allow members entry
(or entries) into the monthly drawing include:
- Open a new Savings Account
- Deposit Money via automatic
transfer or direct deposit into Savings Account
- Meet with a Mortgage Loan Officer
- Enroll in HomeAdvantage®
- Take an online course through
- Open a Home Equity Line of Credit
- Invite a friend
Jacqui Kearns, Chief Brand Officer at
Affinity FCU says “I am concerned that Americans have more debt than savings.
It means that many would not be able to cover their monthly expenses, such as
their car payment, mortgage, day care or rent, if an emergency occurred. The
Great Savings Challenge is designed to break that trend and the
paycheck-to-paycheck lifestyle. Beyond encouraging a traditional savings
account, Affinity will help our members save on costly credit card rates and
fees other organizations put on their customers’ backs. My team and I find it
equally important to offer free financial advice and reward healthy savings
practices. It only takes a few dollars a day to get started at any income and
any age. All are welcome here at Affinity!”
Months into the program, new members
are becoming more deeply involved in the credit union than before, and members
who needed a little extra push are starting to save more for the future. As of
June 2019, Affinity members have saved over $320,500 using the Great Affinity Savings
“Our passion is to work with companies that make their communities
a better place to live. We believe our mission is to help our clients achieve
theirs”, says Jim Lake, Vice President of Michael Walters Advertising. Michael
Walters Advertising is looking forward to continuing to design and execute
strategies that deliver results for Affinity and its’ members.
For any questions about the Great Savings Challenge and how to participate, please contact Giuseppina Araujo at 908.860.3856.
Jim started his career in 1986 as a director for NBC. He subsequently served as an account director with two mid-sized advertising agencies in the Chicago area and joined Michael Walters Advertising in 1992. Recently, Jim was a featured speaker at the Kellogg School of Management at Northwestern as well as the featured speaker for National Association of Mutual Insurance Companies, the national convention on Assisted Living and the National Franchise Marketing Council. Jim also sits on the alumni board and advisory councils at Northern Illinois University. As Vice President/Managing Partner at Michael Walters, Jim has helped grow many national brands such as Blue Cross Blue Shield, Sears, Paul Mitchell, Comcast SportsNet and many more.