Four 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 by launching ALICE Saves, a new initiative designed to help families 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.
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.
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.
Connecticut United Ways are United For ALICE