Introducing SaverLife Members
EARN’s online SaverLife community empowers low-income households to take control of their financial lives with digital financial coaching, online resources, and monetary incentives and prizes for saving. Since launching in 2017, over 90,000 individuals across all 50 states have joined SaverLife’s innovative online community, averaging over 1,000 new members each week.
Members are representative of a broad swath of Americans who struggle to save and are striving to develop lasting financial security. The majority do not have a college degree, are not saving when they join, and have monthly expenses that exceed their income. Like many Americans, they face rising income volatility, with nearly half reporting monthly income fluctuations of $500 or more.
Despite their precarious financial state, members are determined to reach their goals. These include saving for housing costs, emergencies, education, retirement, in addition to deeply personal ones like “never being homeless or hungry again.”
Despite earning an average income of just $25,160, SaverLife’s support and incentives motivates people to set aside an average of $465 in just 6 months.
Big Data on Small Savings research explores the collective experience of SaverLife members and looks to understand the nuances of their financial lives. Insights inform the collective knowledge of the financial inclusion field and are also reflected back to SaverLife members to aid them on their savings journey. EARN’s ultimate goal is to amplify the collective voices of low-income, underserved consumers to achieve a more equitable financial system.