Five 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.
In response, Connecticut’s United Ways have joined together to promote financial stability for working families statewide through ALICE Saves, an initiative designed to help families develop a lifelong habit of saving and other positive financial behaviors.
This initiative is currently offering TrustPlus, a successful financial coaching program operated by the New York based Neighborhood Trust Financial Partners. TrustPlus offers financial counseling FREE of charge and can help with setting budgets, dealing with creditors, building savings and more.
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. While 37% of CT residents did not set aside any money for emergencies last year, research shows that families with a savings of just $250 are less likely to be evicted or miss a housing or utility payment.