A generous grant from Silicon Valley Community Foundation will provide 500 families with cash incentives for saving money and building a financial cushion.
SAN JOSÉ, CA — Today, San Francisco-based nonprofit EARN and San José Mayor Sam Liccardo, along with the San José – Evergreen Community College District (SJECCD), announced the launch of SaverLife, a community movement aiming to increase financial stability and emergency savings in San José.
With the support of Silicon Valley Community Foundation, SaverLife will provide small cash incentives to 500 individuals to encourage families to build a savings habit and a financial cushion. San José residents who join SaverLife will be eligible for $10 per month in savings incentives and receive online financial education. Savers enroll online at SaverLife.org.
“The vision for SaverLife blends perfectly with our Financial Empowerment Initiative,” said Mayor Liccardo. “Together, we can build a San José where all residents feel more confident about their financial futures and have greater financial knowledge, tools and opportunities for themselves and their children.”
SaverLife is proven to increase the savings of low-to-moderate income households. After a successful pilot in San Francisco, EARN, the nonprofit behind the SaverLife program, raised funds to extend SaverLife to San José. A recent study indicated a strong interest from San José residents in financial education and coaching, banking access, and learning about savings.
“SaverLife is designed to help the 30 percent of households in San José who we consider financially fragile – they do not have sufficient savings to survive a financial emergency,” said Leigh Phillips, CEO of EARN. “This simple online tool will help our community start to save for tomorrow’s emergencies.”
Ravy Kong, a graduate of the program, said, “I was never taught to save for emergencies before – the rewards program taught me to save for the future and the unknown. Since completing the program, I try to save even more.”.
SaverLife San José engages a range of partners, including SJECCD, South Bay Consortium for Adult Education, San José Promise, SparkPoint San José and Alliance Credit Union. “Every day, we see families unprepared for the daunting expense of college,” said Dr. William Watson, Interim Executive Director of the Workforce Institute at SJECCD. “We are proud to partner with a campaign that brings all of us together to move the needle on this issue.”
Silicon Valley Community Foundation is joined by additional sponsors Charles Schwab Bank, Charles Schwab & Co., Inc., Bank of the West, BBVA Compass, and the Walter and Elise Haas Fund.
“SaverLife is an innovative approach to creating long-term financial security for the working families of Silicon Valley,” says Manuel Santamaría, Vice President, Strategic Initiatives and Grantmaking at Silicon Valley Community Foundation. “With this program, people can take specific steps to ensure that they’re ready for an emergency, which can help them achieve a brighter future.”