What EARN Learned in 2018

EARN’s research insights shape our programs and services and provide insights into the financial lives of working families As we close out 2018 and begin looking toward 2019, we wanted to look back at what our Savers taught us in 2018.

Savers experience large ups and downs in their income

Savers are motivated to save, but being consistent can be tough

Tax refunds provide much-needed relief, and a great chance to put money away

Savers gave us insights into their complete financial pictures

Savers are engaging with prize-linked savings

  • Savers earned over 23,000 chances to play a Scratch & Save card by saving at least $5 in a given week
  • People who played the first Scratch & Save lottery card were 14% more likely to increase their weekly saving frequency
  • People who played Scratch & Save saved far more frequently than those that didn’t
  • The winning effect is real!! People who won in the first week, when everyone was given a free scratch card, were 100% more likely to save and play again!

Despite challenges, people are still saving

There are now more than 120,000 SaverLife members striving to improve their financial health despite low and unpredictable income. Those who’ve successfully increased their savings have put away over $700 on average in their first six months with SaverLife. They contribute to their savings accounts over 50% of all months during that time.

We’re proud to see these families investing in their futures!

Many thanks to MetLife Foundation for continuing to make the Big Data on Small Savings series possible.