The Nonprofit Unlocking Millions in Savings
Originally published on the MetLife Stories blog
“Something most people don’t understand,” says Carolyn Doyle, SaverLife user, “is that it’s terribly expensive to be poor. In our society, it feels like people who have wealth are rewarded and the poor are punished. SaverLife is doing something to fix that.”
Developed by EARN, a fintech focused on improving the financial health of working families, SaverLife helps Carolyn and thousands of others across America put a little money aside each month to prepare for life’s unexpected costs. By incentivizing people to regularly save a small amount of money, SaverLife sees people take their savings accounts from empty to a small cushion to protect them from car breakdown costs, medical expenses or overdue electricity bills.
Research from the Federal Reserve Bank found that more than 40% of Americans can’t cover a $400 emergency expense without going into debt. And when financial emergencies happen, $400 can be the difference between keeping your car on the road and not being able to get to work.
