Innovative online savings tool aims to help Spanish speakers save their “First $500”
SAN FRANCISCO, CA; March 8, 2016 – EARN announced today that their national microsavings program targeting first-time, low-income savers is now being offered in Spanish. The program is designed to reach the estimated 41% of American households with little-to-no savings, to help them build assets. Through the program, Spanish-speaking communities can save their first $500, helping promote long-term financial stability.
“Lack of savings is the financial challenge American households worry about the most. EARN is looking to make it easier to start to save and build financial stability,” says Leigh Phillips, EARN’s CEO. “Nearly half of our program users identify as Latino/a, and many prefer Spanish so offering the Starter Savings Program in the language will allow us to meet our clients’ needs more fully.”
The new Spanish-language program was developed with support from JPMorgan Chase, the Leonetti / O’Connell Family Foundation, Citi Community Development, and other EARN supporters.
”When we help families save, we help them build assets for the future and open paths to economic growth and success,” said Sen. Mel Martinez, a national leader of the financial prosperity work at JPMorgan Chase.
With over 37 million speakers, Spanish is the most widely spoken, and fastest growing, non-English language in the United States.
“EARN addresses the high-demand for an accessible online savings product within the Spanish speaking community, particularly in Los Angeles,” says Cara Esposito, Executive Director at the Leonetti / O’Connell Family Foundation. “More than 75% of Latinos are online and EARN meets them where they are. The Starter Savings Program is a model for future, culturally competent financial products.”
Launched in 2015, the EARN Starter Savings Program helps families overcome savings barriers through an innovative online savings platform, small monthly savings rewards, and customized financial education tools. EARN’s innovative program encourages Americans to establish a regular habit of saving and save the $500 needed to be more financially stable.
“Over 46% of Hispanic households in the U.S. are either unbanked or underbanked, often leaving them with limited and potentially expensive alternatives to conduct even the most basic banking transactions” said Vicki Joseph, Northern California Director, Citi Community Development. “We applaud EARN’s decision to translate their successful programs into Spanish. This new capability combined with their growing online presence shows that EARN is developing inclusive, innovative and scalable approaches to expanding financial access.”
About the EARN Starter Savings Program
The EARN Starter Savings Program is accessible online in all 50 states and is now offered in English and Spanish. To enroll visit earn.org/save or earn.org/ahorrar
EARN, the nation’s leading provider of microsavings, is an award-winning non-profit. Since 2001, EARN has helped thousands of low-wage families save for a better future through innovative savings products. EARN’s ultimate vision is that millions of well-informed, low-wage American families will achieve financial success through proven strategies, fair public policy, and their own hard work.