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New Tool Helps Consumers Turn Loose Change Into Big Bucks

June 22, 2004 at 9:25 AM EDT
Personal Savings are Finally on the Rise in the U.S. and the Latest Tool From Capital One and Consumer Action Helps Consumers Maximize Their Savings to Build Wealth

MCLEAN, Va., June 22 /PRNewswire-FirstCall/ -- According to new data from the Department of Commerce, on average, Americans saved 2.4 percent of their disposable income in April, the highest rate since the 2.7 percent recorded in August 2003. But while savings rates are improving, Americans still fall far short of the 10 percent savings most experts recommend. With this in mind, Capital One and Consumer Action have developed a free new guide, Saving to Build Wealth: Making Your Money Work for You, which offers savings tips and strategies designed to help consumers from all income levels increase their personal wealth and save for the future.

"We've all heard the old adage 'a penny saved is a penny earned' and know that saving for the future -- or even a rainy day -- is important," said Ken McEldowney of Consumer Action. "But many people miss out on opportunities to maximize their investments. We created the Saving to Build Wealth tool to show consumers that a few small changes can add up to big savings."

The brochure includes information on:

  • Establishing a savings plan
  • Setting financial goals
  • Making the most out of your current savings
  • Choosing a savings account to best suit your financial goals

"Most Americans are not actively saving or investing for their future," noted Diana Don Colby, Director of Financial Education at Capital One. "Saving to Build Wealth is designed to help consumers take the first step toward making their money work for them by guiding them through the basics of saving, investing and the tools available to help them meet their savings goals."

Saving to Build Wealth is a part of the MoneyWi$e series, a national financial literacy partnership between Capital One and Consumer Action. It is the first program of its kind to combine free, multilingual financial education materials with community training and seminars to give consumers at all income levels both the information and the practical assistance they need to make smart financial choices. You can access the Saving to Build Wealth brochure online at http://www.money-wise.org or by sending a self-addressed legal-size envelope with 60" postage to Consumer Action Savings, 717 Market St., San Francisco, CA 94103. Please specify which language version is desired: English, Spanish, Chinese, Korean or Vietnamese.

About Capital One

Capital One Financial Corporation (http://www.capitalone.com), a Fortune 500 company headquartered in McLean, Va., is a financial services company that offers customized financial products and services to meet individual consumers' needs. Capital One, one of the largest providers of MasterCard and Visa credit cards in the world, also provides auto and other motor vehicle financing products, savings vehicles and a host of other financial services, with more than 46 million managed accounts.

About Consumer Action

Consumer Action is a non-profit, membership-based organization founded in San Francisco in 1971. Consumer Action serves consumers nationwide by advancing consumer rights, referring consumers to complaint-handling agencies and publishing multilingual educational materials. Consumer Action also advocates for consumers in the media and before lawmakers and annually conducts comparison surveys for consumers on credit cards, banking issues and telecommunications issues.

SOURCE Capital One Financial Corporation
06/22/2004

CONTACT: Libby Holman, +1-202-778-1028 or lholman@apcoworldwide.com, for Capital One Financial Corporation

Web site: http://www.capitalone.com
http://www.money-wise.org
(COF)