MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced Gov. Tony Evers proclaimed November 9, 2023, as Wisconsin Saves Day in Wisconsin. The proclamation is part of a statewide effort promoting automatic saving through the workplace with the Wisconsin Saves program to improve financial well-being. The Wisconsin Saves program is an employee-focused savings initiative, which started as a pilot program in 2020. The program provides Wisconsin employers with resources to encourage their employees to save for emergencies and the future with their paychecks by using the automated saving strategy of split deposit.
“The Wisconsin Saves program can help folks financially prepare for future small and large unexpected or emergency expenses that may arise,” said Gov. Evers. “By working with our Wisconsin employers, we are empowering workers to save automatically through their paychecks and helping them build a more secure financial future. I encourage all Wisconsin employers to get involved in the Wisconsin Saves program by signing up today so we can work together to strengthen Wisconsinites’ financial resiliency.”
Participating employers receive free resources and a digital toolkit to educate their employees on the importance of building emergency savings, as well as the ease and benefits of saving automatically through split deposit. The research-based program uses the principles of behavioral economics and social marketing to change behavior. More than 100 employers in Wisconsin, representing approximately 15,000 employees, are already signed up for the Wisconsin Saves program and are actively using the program’s resources to educate their employees about split deposit and encourage the use of the automated savings strategy today.
“Wisconsin Saves is a timely program aimed at helping Wisconsin employers recruit and retain the best talent particularly during this ultra-competitive job market,” said DFI Secretary-designee Cheryll Olson-Collins. “Employers can distinguish themselves from other businesses by offering this easy-to-use financial wellness benefit that helps their employees save in the easiest and most effective manner by saving automatically through split deposit. Through this program, we are helping Wisconsinites save money, reduce debt, and build wealth through automating their savings.”
Employers can sign up for the Wisconsin Saves program on the Wisconsin Saves website, or on the DFI’s Wisconsin Saves webpage, to receive a suite of ready-to-use resources to help them promote split deposit as a way they support their employees in reaching their personal savings goals. All Wisconsin employers are eligible. For more information on the Wisconsin Saves program, contact the DFI’s Office of Financial Literacy Director David Mancl at David.Mancl@dfi.wisconsin.gov.