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CFAL Promotes Savings Culture Through Third Annual Holiday Savings Challenge

CFAL Promotes Savings Culture Through Third Annual Holiday Savings Challenge

January 04, 2022

Tired of struggling to find the money for holiday shopping? Don’t want to use a credit card with high interest rates to cover unforeseen end-of-year expenses? Savvy savers should sign up for the 2022 CFAL Holiday Savings Challenge to get control of their finances and make next Christmas much less stressful!

“We received over 300 applications for the Holiday Savings Challenge last year – double the number of applicants who applied in 2020,” said Dionne Comery, Pension Manager. “From what we have observed, the financial difficulties that many people experienced due to the COVID-19 pandemic has greatly increased their interest in gaining control of their finances. We encourage people to sign up for this challenge because it can help them to reduce their stress and set them on a path for saving and investing toward greater wealth. There’s no time like the present to save and take advantage of compound interest.”

Through the challenge, participants make weekly contributions of $25.00 or monthly contributions of $100 - $125 based on the Challenge contribution schedule. After making deposits throughout the year, participants will receive $1,200 with interest on December 9, 2022.

“There is another great reason to sign up for the challenge,” said Claudia Thompson, Client Relationship Officer and Pension Administrator. “If you consistently deposit the amounts scheduled for each month, you will be automatically entered into a drawing for our $1,000 “Christmas bonus” giveaway! That’s a chance to win an extra $1,000 on top of the amount that you’ve saved all year.”

Pamela Ferguson, Vice President of Investments, spoke about the positive response that CFAL has received from the public and about its growth. “We’ve hosted the Holiday Savings Challenge for three consecutive years, and it is rewarding to see more and more Bahamians participate in it each year. Financial education is important to us, so we love to see Bahamians exchanging information about the challenge and other ways to save and invest along with our team on our Facebook and Instagram accounts. Every December, those who sign up tell us how grateful they are that they participated. This exercise is another great reminder that financial success comes when you plan ahead.”

Sign up for the challenge and learn more about saving, investing, retirement planning, and other ways to grow your wealth with CFAL at cfal.com.