After testing its online saving products for 2 years, EARN launches the Firefly Account. In bringing goal-based saving to scale, Firefly will help millions of low-wage American workers build a long-term habit of saving.
As a leader in the field of financial coaching, today EARN offers research and recommendations on how financial coaching can be made more effective. These new findings will inform the tech platform we’re building to help 1 million low-income workers save $1 billion by 2022. To the Citi Foundation, whose support made this research possible, we offer our appreciation.
As we reflect on the March on Washington for Jobs and Freedom it's wise for us all to think about what we have done, what we have not done, and what we are doing. We're confident about being part of the solution.
CEO Ben Mangan appeared on stage at The Clinton Global Initiative America on June 14th. By invitation, he announced EARN's deliberately ambitious plan: to open 10,000 savings accounts for low-wage American workers in 3 years. And help a million more workers to save $1 billion dollars by 2022.
EARN's efficient, ethical and open work was recognized in March 2013 with 4-star rating from Charity Navigator, America's largest and most utilized independent evaluator of charities. Profiled by Forbes, Business Week and others, this rating is a reflection of EARN's adherence to good governance and consistent execution of its mission in a fiscally responsible way.
Mashable, the leading reporter on the importance of digital innovation and how it empowers people around the world, just ranked EARN in a financial top 10 list: "EARN focuses on helping low-income individuals create prosperity..."
How do you go from helping thousands of people save and prosper--to helping millions? EARN's technology will break the mythology that more caseworkers will get us there.
In the latest Stanford Social Innovation Review, EARN CEO Ben Mangan challenges the status quo by pushing for the best answers, not just the most emotionally attractive ones. If philanthropy wants to change the world, it must change the way it thinks.
Duane Greene spoke at the first EARN breakfast, in 2006, and returned this year to update his story. "EARN taught me how to save," he said this time. "With their help, I was able to buy a condominium in Daly City. Every day my daughter gets to come home to our home."
When Andre Soto heard about a new program that could turn $500 of college savings into $2,000 almost overnight, the Lincoln Heights father of two assumed it was a Ponzi scheme. "There are so many scams going on, and this was clearly too good to be true," he said. But the account he stumbled across, called Triple Boost, is no Ponzi scheme. It's part of an anti-poverty program offered by San Francisco nonprofit Earn.
"This place for so long has been a hotbed of entrepreneurship that it's not surprising that it's evolved a very entrepreneurial way to serve people who have a hard time breaking into business in the mainstream way," said Ben Mangan, CEO of Earned Assets Resource Network, a San Francisco nonprofit that helps people build a habit of saving, resulting in "spark capital" that they can leverage into a new business.