With a new survey indicating that the recession has eroded the savings practices of millions of Americans, a life insurance association is joining others in promoting the importance of making retirement savings a key part of a financial plan.

The American Council of Life Insurers (ACLI) is supporting America Saves Week, an initiative by America Saves, comprised of a coalition of nonprofit, corporate and government groups helping individuals and families save and build wealth.

Frank Keating

The annual America Saves Week, from Feb. 21 through Feb. 28 this year, helps to raise public awareness of effective savings practices to help Americans achieve financial and retirement security, according to the group. As representatives of an industry that plays a key role in aiding individuals to save and manage their finances to last a lifetime, ACLI said in a statement it is proud to support the initiative.

“As our nation’s economy recovers, families continue to face difficult challenges that draws their attention away from their future plans,” said ACLI President and CEO Frank Keating. “But even during these difficult times, it’s imperative that Americans take the necessary steps toward meeting their long-term financial goals.”

From 2008 to 2010, Americans with a savings plan with specific goals dropped from 62% to 55%, according to the survey, conducted by America Saves and developed with the help of the American Savings Education Council. Those with a spending plan allowing saving declined from 49% to 46% and those who save for retirement at work decreased from 55% to 49%.

Keating said an important step for many Americans to meet their financial goals begins at the workplace.

“An employer can offer valuable resources to help employees save for and protect their financial and retirement security,” he said. “In fact, studies show that more than half of all employees obtain the majority of their retirement savings plans and financial protection products, such as life insurance, disability income, and long-term care insurance, through employer-sponsored benefit packages.”

To help promote America Saves Week, Keating will conduct nationwide radio interviews this week and ACLI has developed brochures to help consumers understand the role of life insurance, annuities, long-term care and disability income insurance in a financial plan, available on the organization’s website.