San Francisco set a community goal to enroll 1,000 members in EARN’s SaverLife initiative by September – we hit our target in just three weeks.
SaverLife is working. People are saving. For a much-needed car repair. For a headstone for the grave of a loved one. For a ticket to send a child to senior prom. To get a driver’s license back. To never be hungry or homeless again.
These simple and deeply personal financial goals, set by Savers who are now gaining a foothold on financial stability by saving $20 each month, may seem small and inconsequential. But for the one in two American families who struggle to cover a $400 financial emergency, even the little things often seem out of reach.
Most of our Savers (71%) have saved nothing in the six months prior to joining SaverLife. But they have big goals, and know that small amounts add up. Almost 60% aim to save $20 a month with EARN, and 40% set their goals even higher.
Take Uzuri for example. She always thought she had more time to save. Then she turned 50 and realized she had no savings for retirement. When EARN came along, she said, “I’ll buy into this. I put $20 a month and EARN paid me $10. It made me feel so good to see my savings.”
Now she contributes to her employer’s 401(k)– a benefit she didn’t use until she built a habit of saving with EARN. Plus, all of her 13 grandchildren are saving, from the one who just graduated with a masters degree to the youngest, who saves $1.50. “We go from being twenty to fifty like that. We don’t have a lifetime to save. We have to start now, and with EARN, you can.”
As Uzuri says, “If you haven’t bought in to SaverLife, you should. It’s making a big difference.”
SaverLife is simple: Save $20 a month, and we’ll match you $10. We believe that this investment is a smart way to transform financial fragility into community prosperity. As one Saver put it, “I’m calling it my ‘never broke’ account.” Get involved at SaverLife.org.
Stay tuned. This is just the beginning.
You know who else thinks SaverLife is a bold idea? Click on the images below!
Leigh is the president and CEO of EARN.