Two years ago, United Way introduced ALICE, which represents the population of individuals and families who are working, but have difficulty affording the basic necessities of housing, food, child care, health care, and transportation.
Savings is a core component of financial health. A savings habit – and the stability it brings – is as important as income. Savings address financial instability by providing a way for families to save for short term emergencies and long term assets, like a college education or a home.
Lack of savings is the financial challenge American families’ worry about the most. In fact, one in three households nationwide have no savings. Furthermore, according to the 2016 ALICE Update, 39% of Connecticut households lack the liquid assets necessary to survive a financial shock. This vulnerability means that that a medical emergency or unexpected car repair has the potential to cripple an ALICE household. Community conversations held by United Ways across Connecticut with ALICE households echo this struggle.
EARN is a national nonprofit dedicated to helping people build savings that the Connecticut United Ways have partnered with to address this critical issue. This asset-building initiative will complement the great financial stability work that all United Ways across the State of Connecticut support in their local communities (Download: Helping ALICE Families Access Good Jobs and Save for the Future).
Lack of savings is the financial challenge American families’ worry about the most. In fact, one in three households have no savings at all. EARN (earn.org) is a national nonprofit headquartered in San Francisco dedicated to microsavings, because having just $500 keeps families from falling into debt and promotes long-term financial stability.
Savings is a core component of financial health. A savings habit – and the stability it brings – is as important as income. Savings addresses financial instability by providing a way for families to save for short term emergencies and long term assets, like a college education or a home.
Since 2001, EARN has helped thousands of people start saving. EARN’s mission is to help individuals and families reach greater prosperity by building lifelong savings habits and increasing financial capability. More than 80% of EARN’s Savers continue to save because they have the know-how and confidence to reach their savings goals.
Built on a simple online platform, SaverLife kickstarts a habit of saving. Offered in English, the 6-month program promotes positive financial behavior through an easy-to-use tool, backed by monetary incentives. It is the first step in developing financial stability.
Savers enroll in the program online or via their mobile phone, link their own savings account SaverLife, set a personal savings goal, make deposits, and earn rewards. SaverLife links to more than 9,000 financial institutions. After completing the program, 80% of Savers continue to save because they have the know-how and confidence to reach their savings goals.
Click HERE to register for SaverLife
Learn more about SaverLife
View the Connecticut United Ways “What would you do with 60 dollars?” Video