TIAA-CREF awards George Mason $25,000 for personal savings ideas
- October 22, 2010
George Mason University will receive $25,000 from TIAA-CREF for submitting the most ideas to increase the U.S. personal savings rate to 10 percent.
The financial service firm’s “Raise the Rate” competition seeks innovative ideas for increasing the U.S. personal savings rate to 10 percent, which is nearly double the current national savings rate. A survey released by TIAA-CREF this week showed that 39 percent of Americans are not saving for retirement all at. The national financial service organization hopes their contest will improve Americans’ understanding of their own saving needs and how to plan to achieve their goals.
George Mason submitted 296 entries. The university was followed by Utah State University, with 93 entries, and California Lutheran University, with 83 entries. In all, TIAA-CREF received submissions from 168 higher educational institutions nationwide.
Next month TIAA-CREF will award $50,000 for the entry that received the most votes from a panel of judges that includes Maria Bartiromo, host of CNBC’s Closing Bell, and Aaron Patzer, founder of Mint.com.