Today marks the beginning of National Savings Week (also known as National Save for Retirement Week).
To give it a nudge in the right direction, three financial firms are marking the occasion with hints, tools, and even outright savings contributions.
Voya Financial Inc., in the most spectacular such gesture, has announced that as part of its “Born to Save” campaign, every baby born in the U.S. today—October 19—is eligible for a $500 mutual fund investment from Voya upon their enrollment in the program.
Considering that the U.S. Census Bureau estimates that more than 10,000 babies are born every day in this country, that’s a lot of mutual fund investments.
Voya pointed out that approximately 10,000 baby boomers turn 65 every day, a trend that is expected to last for the next 15 years—and one that underscores the necessity of saving for retirement.