Incentive to Save- New program promises reward for families meeting six-month goal

By Rob Ryser March 26, 2017

A new program to help Connecticut working families struggling to make ends meet start savings accounts promises a $60 reward if they save for six months. It may not sound like a lot of money, but it might be just the incentive some families need to start saving, sponsors of the incentive said last week. “If you have a savings account and you have a flat tire or dental emergency or a thousand other things, you can pay for it,” said Shana Beal, director of communications for EARN, a nonprofit that has teamed up with Connecticut United Ways to launch the savings initiative statewide.

The initiative is part of the United Way of Connecticut’s response to a special category of working families who earn more than the federal poverty limit of $24,000, but less than the $70,000 to afford housing, food, child care, health care and transportation. Known by the acronym ALICE, for asset-limited, income constrained and employed, the families represent 27 percent of the state population, United Way said.

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