We are excited to announce the launch of a transformative partnership designed to increase financial stability and emergency savings of families living across the United States.
EARN is partnering with five major U.S. affordable housing organizations to promote saving in nine states across the country. With a combined reach of more than 200,000 residents, this partnership dramatically expands the number of people engaging with SaverLife’s online financial coaching and rewards. Through SaverLife, EARN will provide small cash incentives to encourage families living in affordable housing to build their savings and create a financial cushion.
Residents who join SaverLife will be eligible for $10 a month in savings incentives and will receive online financial content. Savers enroll online via their housing organization’s dedicated website.
Treat yourself to peace of mind at SaverLife.org
According to the Federal Reserve Bank, 47% of Americans are “financially fragile” and could not cover an unexpected $400 expense without going into debt. This savings crisis creates financial vulnerability for families and puts them at risk of debt and, in some cases, homelessness.
“Everyone benefits from having a savings account, especially the people we serve,” said Jane Graf, CEO and President of Mercy Housing, the country’s largest nonprofit provider of affordable housing. “Our partnership with EARN will give them useful tools to plan for the future and build strong, stable communities.”
SaverLife is proven to help build an emergency savings cushion, decreasing the likelihood of late rental payments and evictions.
Uzuri Pease-Greene, a graduate of the program and public-housing resident says, “I’m grateful because I think of SaverLife as saving for life. There are all these different reasons you may need the money — an unexpected child care expense, visiting your sick parents, if your car breaks down. SaverLife is there to save your life.” Pease-Greene says she’s passing along the habit of saving to her children and even their children: “My grandkids are saving because they’re watching me.”
Lynley is EARN’s Partnerships Associate. She works to create and maintain strong partnerships with nonprofits, banks, and other organizations interested in helping individuals save and accumulate assets.