Wendy K. Baumann
Wendy K. Baumann, Wisconsin Women’s Business Initiative Corporation (WWBIC) president/CVO, has served on the Consumer Federation of America—America Saves board and working committee to increase income in low-income households nationwide. Milwaukee Saves (now Wisconsin Saves) was one of the first 10 Saves Campaigns in the United States. Currently Wisconsin Saves boasts nearly 12,000 savers statewide.
WWBIC is a leading, innovative statewide economic development corporation that has been “Putting Dreams to Work” since 1987. WWBIC focuses on individuals who face barriers in accessing traditional financing or resources. WWBIC opens doors of opportunity by providing these individuals who are interested in starting, strengthening or expanding a business with access to necessary resources and tools such as quality financial and business education and responsible financial products.
What are America Saves and Wisconsin Saves?
America Saves, managed by the Consumer Federation of America, is a campaign that encourages all individuals to save regardless of income status. The campaign provides free tools and resources that all individuals can use to take charge of their finances, reduce debt and build wealth. America Saves coordinates America Saves Week, an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
My organization, WWBIC, participates in America Saves through Wisconsin Saves, our local statewide initiative that promotes the ideals of America Saves while offering local resources to support participants. Our goal is to reach as many Wisconsinites as possible with one powerful message: Saving more will build wealth! Numerous partners have joined WWBIC to spread the message. Additionally, awareness of the campaign continues to grow through several collaborative partnerships with financial institutions, appearances at community events and proclamations from various officials, including Milwaukee Mayor Tom Barrett, who is a Wisconsin Saves member and promoter.
Stay on top of the news of the day
Subscribe to our free, daily e-newsletter to get Milwaukee's latest local news, restaurants, music, arts and entertainment and events delivered right to your inbox every weekday, plus a bonus Week in Review email on Saturdays.
Why is it necessary to have this kind of organization?
America Saves and then local Saves campaigns around the nation are social marketing campaigns aimed at changing public opinion. Many national social marketing campaigns have won great favor and succeeded in changing public opinion and ultimately the public’s behaviors. For example, after Mothers Against Drunk Driving (MADD) promoted their Buckle Up for Safety campaign, both local and national policy changed including the passage of seatbelt laws.
So America Saves is about encouraging the public to SAVE…start small—grow big—SAVE. The campaign lays the case for…SAVING is GOOD. While many might not be saving now or are not saving enough, the sheer fact that this idea that SAVING is GOOD and NOT SAVING is bad and detrimental will eventually change behavior.
How did you get involved in America Saves?
I was invited by the Consumer Federation of America very early on to attend the “America Saves” convening in Washington, D.C., to collectively learn what the nation’s savings patterns were and how they could improve. We literally put together a marketing plan with themes, materials, websites and presentations to take on the road nationally and locally across America. Very quickly WWBIC and I became involved in creating Milwaukee Saves, which has advanced in the past decade to become Wisconsin Saves.
How can our readers get access to solid information on saving and personal finance?
The Internet is full of information and often is too daunting for many seeking advice. The re-launched Wisconsin Saves website wisconsin-saves.org provides links to many local and trusted partner organizations that provide financial education with an emphasis on saving. In addition, americasaves.org and americasavesweek.org have scores of content [resources] for individuals looking for assistance, tips and encouragement toward their financial goals. There are also many innovative and helpful mobile applications, such as Mint, IRS2Go, RedLaser, Wallaby, Ibotta, Checkout 51, Receipt Hog and BillGuard. Also, our local contact is Kevin Smith [kevin.smith@wwbic.com or 414-395-4559].
Some people argue that you don’t really need to focus on saving because we have Social Security. What’s your response to that?
In this day and age we all need to be thinking about savings and our financial security throughout our entire life. From being in kindergarten, through adolescence, into adulthood and as senior citizens, saving needs to be part of the game of life. Starting with a piggy bank and learning math through the understanding of money and finance is the way to go. Families can be supportive in this experience and there are materials available to help at every stage in life.
Social Security was never designed to be the answer, but rather a part of the answer. Social Security was to be coupled with personal savings and other retirement plans. So yes, Social Security is important but so is personal savings along with a clear plan for both spending and saving.
