FAQs

EARN offers matched savings products that are similar to an employer-based 401k plan. When a participant makes a deposit into an EARN account, we match that with $2 or more for every $1 deposited. Participants generally need to attend money management training and additional financial workshops related to their specific goals. Participant savings and accumulated match funds may be invested in a home, a small business, or higher education--investments that have the power to lift people out of poverty for the rest of their lives.

EARN matches the savings of low-wage workers and helps them invest in assets that build wealth, creating a cycle of prosperity across generations. In general, EARN’s accounts are available to working individuals living in San Francisco or Marin County who make below 200% of the federal poverty level.

There are two types of accounts. An IDA (Individual Development Account) allows participants to save $2,000 over a period of time and receive $4,000 in match money. The SAFE (Savings Account For Education) allows for $500 in savings and $1,500 in match.

Our accounts are funded through donations from individuals and by grants from the government, foundations and corporations. They fund us because EARN accounts provide more than incentives for savings – they offer the opportunity to participate in the "American Dream." It is estimated that for each federal dollar invested in IDAs, five dollars go to the national economy in the form of new businesses, additional earnings, new and rehabilitated homes, reduced welfare expenditures, and human capital associated with greater educational attainment. To see a list of some of our leading funders, click here.

Yes! A core part of EARN’s program is our money management training, which provides information on goal setting, budgeting, developing spending plans, and credit. This serves as a great foundation to help participants save and reach their chosen asset goal. On average, our low-wage participants save a higher percentage of their income than most American families across all income levels!. For more information on our results, click here to read our quarterly impact reports.

There is no risk at all. The participants’ savings are kept in FDIC insured accounts and always belong to them. However, if participants withdraw their savings before investing in an asset, they will not receive the match money. We encourage all of our program participants to open a separate emergency savings account at the same time that they open their EARN account so they can have that buffer in the event of an emergency.

Our participants may begin to make asset purchases after their first six months in the program. All asset purchases are subject to EARN's approval, and are paid directly to the vendor. For example, if the EARN Account is used for tuition at San Francisco State University, EARN will send a check directly to the payment office at San Francisco State University on the participant’s behalf.

Our in-person trainings are only available to program participants. However, we do offer some publicly available training videos and other useful materials in our Tools and Resources section.

Yes, your friend may be able to open an IDA with another organization. A variety of nonprofits and cities throughout the U.S. offer IDA accounts. For a listing, visit www.idanetwork.org.

Financial coaching is a relationship in which a coach partners with a client to help realize their financial goals. A coach can act as many things -- a sounding board, accountability partner, motivator, and success partner, among others. Over the course of the coaching engagement, the coach will help the client identify where the client wants to go and articulate how to get there. A coach will walk the path with the client, helping them identify and observe the obstacle(s) in their way as they work to unlock their potential and meet their success.

• People who want to create change but are tired of feeling stuck
• People who have goals but need someone to hold them accountable
• People who have a hard time sharing their visions because of their own fears, including fears of being judged by others, and would benefit from having a safe place to discuss and manifest these visions
• People who want to develop skills and share them with their families, children, and others
• People who want to achieve their goals and take action
• People who want support while working towards their goal

A financial counselor provides guidance, specific information and advice to clients related to problems or goals. Qualified counselors may look deeply into the client’s past in order to help them in the present and future. A financial coach, on the other hand, does not provide advice. A financial coach does not fix things or solve problems. Instead, a coach helps a client articulate financial goals and identify what steps are necessary to reach them. The coach supports the client to take these action steps by providing encouragement and holding the client accountable for specific actions.

EARN offers the Wealthcare Program for Alumni who have met their goals through the matched savings program. The Wealthcare Program offers financial coaching and planning services to help participants analyze their current financial situation, set financial goals and make concrete strides toward realizing those goals. Participants are paired with a Financial Coach who will work one on one with them over the course of one year. Participants also get access to a Financial Planner or Financial Planning Workshop if they are interested in more specific financial advice.

Here are some of the things that EARN clients have accomplished through our financial coaching program:

• Translated financial goals into action
• Remained accountable for action steps
• Changed limiting behaviors
• Felt less financial stress and more freedom
• Improved personal and professional skills
• Learned how to understand negative perceptions of money
• Reached short- and medium-term financial goals
• Reduced debt
• Increased savings
• Improved credit
• Started an emergency savings fund
• Tracked monthly spending
• Increased investment and retirement plans
• Created an estate plan (simple will, health care directives, guardianship arrangements for minor children)

EARN’s policy and research arm evaluates our impact and reports on new data regularly, sharing lessons learned and best practices in order to transform the financial services landscape and to champion effective public policies. We test product and program innovations to demonstrate good policy solutions that support the financial success of low-wage workers. EARN's ultimate vision is that millions of well-informed, low-income American families will achieve financial success through proven strategies, fair public policy, and their own hard work.

We appreciate your enthusiasm! For information on different opportunities to support EARN and the work that we do, please visit our How You Can Help section.