When companies help their workers achieve a strong financial footing, everyone wins.
That’s why Connecticut’s United Ways have launched ALICE Saves, an initiative designed to help employees develop a lifelong habit of saving and other positive financial behaviors.
This initiative combines SaverLife, a proven savings product from the California-based nonprofit EARN, and Trusted Advisor, a successful financial counseling program operated by the New York-based Neighborhood Trust Financial Partners.
In return for setting aside at least $20 per month for a six-month period, your employees will receive a reward of $60 to help reinforce their savings habit. Savers will have other opportunities to earn additional rewards as they continue to build their savings.
Employee savings is a core component of financial health. A savings habit — and the stability it brings — could be as important as income. Savings addresses financial instability by providing a way for families to save for short-term emergencies and long-term assets, such as a college education or a home.
In its 2018 ALICE Report, a study of financial hardship, United Ways found that 40% of Connecticut households cannot afford basic living expenses, while 46% do not have enough savings to cover expenses for 3 months. Research shows that families with a savings of only $250 are less likely to be evicted or miss a housing or utility payment.
To help employers introduce the ALICE Saves program to their employees, we have created an Employer Toolkit (below). This toolkit is the place to go for information about ALICE Saves; it includes PowerPoint presentations, promotional flyers, and other materials that will help connect employees to ALICE Saves.
Connecticut United Ways are United For ALICE
- ALICE Saves PowerPoint (for Employers)
- ALICE Saves PowerPoint (for All Employees)
- ALICE Saves Security FAQs
- ALICE Saves Employer Presentation Notes
- ALICE Saves Email to Employees (template)
- SaverLife Sign-Up Guide
- SaverLife Sign-Up Guide in Spanish
- ALICE Saves Promotional Flyers
- List of Savings Account Products – CT
- List of Banking Institutions/Credit Unions in CT