Jun. 11, 2003
The Charlotte Observer
by RICK ROTHACKER

In eight months, a nonprofit program that promotes saving has signed up more than 500 people, but still has a way to go to reach its goal for the year.

CharlotteSaves wants 2,003 people to commit to personal plans for saving money and reducing debt. The target audience is the "financially vulnerable" -- low-income individuals and families who are less likely to save money or build wealth through homeownership.

"It's tough in a down economy to talk to people about saving," said Kevin Toomb, a First Charter Corp. executive who is vice chairman of the group's board of directors. "On the other hand, it's more important."

CharlotteSaves, launched last fall, is part of a national program to promote saving and wealth-building at a time when consumer spending dominates the U.S. economy.

America Saves has signed up about 10,000 people nationwide and has more than 40 local programs underway or in the works, said Stephen Brobeck, the group's founder, who attended the Charlotte program's first advisory board meeting on Tuesday.

Local nonprofits and businesses have led the effort. Banks have been particularly involved, looking to add new customers in what Toomb calls "enlightened self-interest." CharlotteSaves is also on the lookout for more money for its own coffers. It's had contributions mostly from banks, but will need more to become a self-sustaining organization, officials said.

The program promotes savings through free motivational workshops and volunteer counselors. It works with nonprofits as well as private businesses that offer the program to their employees.

Alice Harrison, executive director of Hope Haven, said the program has helped the recovering substance abusers that her organization serves.

"One of our requirements is that they have savings accounts," she said. "But it doesn't do much if they don't know how to save."

More Information

CharlotteSaves: (704) 556-1260 or www.charlottesaves.org.