Biggest averTelevision Show

October 2010

Concept • Build awareness nationwide through a Biggest Saver TV show that

features some of the worst savers in America as they undertake debt reduction and build savings

• Partner with a national TV network to broadcast the show to millions of households across the country

• Winner has the highest percentage of debt reduction or highest percentage increase in savings over course of program

• Winner receives monetary incentive to be placed into savings vehicle – 529 fund, certificate of deposit or other

• Offer interactive, online activities for Americans watching the program to begin their own savings programs – Online pledge to save money, reduce debt – Educate millions on the importance of good financial health

Meet the Smiths Husband, age 40 – software developer, wife, age 39 – teacher

daughter, age 10, son, age 8Both parents work, kids in private school

Smith Family Financial Goals

• 10 more years of private school tuition• Annual family vacation • Build emergency fund • Fund retirement • Pay for 8 years of college for 2 children

Smith Family Finances

• Income: $115,000 annual • Emergency fund: $6,000• Investments: $75,000• Mortgage: $450,000 • Credit cards: $25,000• Annual private school cost: $20,000• Car payments: $600/month• Utilities: $400 (cable, electric/gas, etc) • Food: $400/month • Savings rate: 4 percent

Meet the BrownsHusband, 53 – lawyer, wife, 50 – work at home, daughter, age 19

Husband works, wife volunteers, daughter in state college

Brown Family Financial Goals

• Continue to build retirement fund • Pay down debt • Pay off mortgage • 3 more years of college for daughter • Retire and travel

Brown Family Finances

• Income: $100,000• Emergency fund: $15,000• Investments: $400,000• Mortgage: $100,000 left • Credit cards: $15,000• Student/parent loans: $12,000• Car payments: $300/month• Utilities: $300 (cable, electric/gas, etc) • Food: $300/month • Savings rate: 8 percent

Meet the Adams FamilyEngaged couple, future husband, 26 – nonprofit professional

future wife, 24 – public relations professional

Adams Family Financial Goals

• Pay for wedding • Pay off student loans and debt• Plan for children • Buy a house • Begin saving for retirement

Adams Family Finances

• Income: $55,000• Emergency fund: $1,000• Investments: $2,000• Rent: $800/month • Student loans: $60,000 • Credit cards: $15,000• Car payments: $300/month• Utilities: $300 (cable, electric/gas, etc) • Food: $300/month • Savings rate: 1 percent

Meet the Williams FamilyHusband, 62 – retired scientist, wife, 56 – nearly retired government worker

Three children already graduated from college

Williams Family Financial Goals

• Pay off mortgage • Hit $1 million in retirement savings in 5 years• Pay off children’s college loans• Plan for medical expenses and long-term care • Travel

Williams Family Finances

• Income: $70,000• Emergency fund: $10,000• Investments: $850,000• Mortgage: $20,000• Student/parent loans: $120,000 • Credit cards: $5,000• Car payments: $300/month• Utilities: $300 (cable, electric/gas, etc) • Food: $300/month • Savings rate: 6 percent• Have been pulling from retirement already

Meet the Jones FamilyDivorced father, 45 – project manager, two children ages 14 and 16

Jones Family Financial Goals

• Pay down consumer debt • Rebuild credit score and savings following

divorce • Build some savings for college • Save for retirement

Jones Family Finances

• Income: $60,000• Emergency fund: $0• Investments: $80,000• Rent: $500/month • Child support: $900/month • Legal fees: $5,000• Credit cards: $20,000• Car payments: $0• Utilities: $100 (cable, electric/gas, etc) • Food: $300/month • Savings rate: 2 percent

Biggest aver – WEEK 1

• Identify family/individual financial goals • Work through why each family/individual is in

debt • Homework: Create a budget and identify areas

to save• Challenge: Who can identify most areas to cut

expenses• Feature celebrity financial expert

Biggest aver – WEEK 2

• Develop plan to reduce debt • Develop plan to build retirement • Homework: Cancel unnecessary expenses • Challenge: Debt reduction/savings increase

update from each family

Biggest aver – WEEK 4

• Focus on adding additional income to pay down debt• Kids can find a job – babysit, mow lawn, internships • Evaluate skills and opportunities to freelance • Homework: Identify freelance opportunity and make

$50 in a side gig • Challenge: Who makes the most in a side gig? • Debt reduction/savings increase updates • Feature expert freelancer or entrepreneur

Biggest aver – WEEK 6

• Housing financial education • Identify opportunities to refinance • Homework: Each family to meet with

mortgage company to determine individual feasibility and options for home savings

• Challenge: Debt reduction/savings increase update from each family. Did anyone refinance? How much did they save?

Biggest aver – WEEK 10

• Feature menu planning and grocery savings • Discuss once-a-week or once-a-month family

cooking to engage whole family in food savings • Homework: Clip coupons, buy generic and cook

all meals on one day • Challenge: Who can lower overall food bills the

most in one month? Debt reduction/savings increase update from each family

• Feature expert couponer

Biggest aver – WEEK 12

• Evaluate family taxes – withholdings, deductions

• Homework: If appropriate, change withholdings at work, increase take-home pay to pay down debt

• Challenge: Debt reduction/Savings increase update from each family

Biggest aver – WEEK 16

• Finale • How much did each family save? • What percentage of debt was paid down? • Winning family receives $100,000 to be

deposited into selected savings vehicle – 529 account, certificate of deposit, basic savings, mutual funds

Engage the nation in savings

• Online savings pledge • Online/virtual savings buddies • America’s vote to give $$ or challenges to

season participants - during season • Downloadable budgeting tools • Access to financial professionals • Financial hotline • Host competition for future seasons

Give back with financial education

• Host free series of financial education classes to promote show, sponsored and provided by TIAA-CREF

• Donate $$ to scholarship funds for nationwide participation in savings – $1 for every savings pledge or $0.10 for every

dollar saved by Americans

Biggest aver – Follow Up

• Feature Where are They Now? stories • Feature online participants who saved a lot of

money

Innovation

• The Biggest Saver TV show brings to light the very issue many people won’t discuss with others – financial health, savings and debt.

• The program will feature real-life families as they build savings and reduce debt. – Viewers will be able to relate to real-life families

throughout the process

Feasibility

• Work with a national network to develop pilot program and secure families to participate

• Create interactive, online activities to engage viewers in building their own savings– Online pledge, savings buddy, free financial

support

Effectiveness

• With the ability to reach millions of viewers through a national network, the program builds awareness for the topics of saving and debt reduction

• Highlighting diverse families with varying backgrounds provides relatable content and discussion points for viewers

• With calls-to-action throughout the show, viewers will be encouraged to engage in their own financial health, ultimately understanding where they are and how to reach their financial goals.

Thank you.

Thank you for considering the Biggest Saver TV show as a finalist for the TIAA-CREF Raise the

Rate Challenge.

Best of luck.