- SaverLife, a national nonprofit fintech company that helps working families achieve prosperity through savings, announced it launched SaverLife Solutions with a $1.5 million investment from Prudential
SaverLife — a national nonprofit fintech company that helps working families achieve prosperity through savings — announced it has launched SaverLife Solutions with a $1.5 million investment from Prudential Financial. And the new funding round will enable the company to expand on an earlier yearlong SaverLife Solutions pilot program that reached 392,000 people through employers, credit unions, and community based organizations.
According to PwC’s 8th annual Employee Financial Wellness Survey, the results show more employees than every admit to being stressed out about their finances. And employees face a variety of financial challenges as employers are starting to take a closer look at how to motivate employees to improve overall financial well-being and retirement readiness.
“The workplace is one of the most important engines for generating individual wealth and financial security,” said SaverLife President & CEO Leigh Phillips. “Not only is it the place where people get paid, it’s also where employees are accustomed to engaging in employer-sponsored benefit programs that affect financial health, such as insurance and retirement. And while most companies have traditionally focused on benefits for higher-income workers, we’re seeing a trend of employers seeking out benefits that provide value to hourly workers as well.”
SaverLife launched with the goal of inspiring, informing and rewarding the millions of Americans who need help saving money. And through engaging technologies and strategic partnerships, the company gives working people the methods and motivation to take control of their financial future. SaverLife Solutions essentially expands the organization’s mission by partnering with employers, financial institutions, and nonprofits to offer a turnkey digital savings platform that empower people to contribute to their savings, set personal goals, access financial education resources, win prizes, and receive matched savings rewards. Through custom integrations of SaverLife’s innovative savings platform, the company provides a proven benefit for employees, clients, and constituents, and a leadership role for organizations looking to promote meaningful social change.
The seed funding for the pilot SaverLife Solutions program was provided by the Annie E. Casey Foundation, Mastercard Center for Inclusive Growth, and Prudential Financial. And SaverLife Solutions partners include Levi Strauss’ Red Tab Foundation, Tailored Brands, Patelco, HCA Healthcare, Alorica, Concentrix, and BECU.
“Employer-sponsored financial wellness programs play a crucial role in the financial health of employees. By equipping their workforce with tools and insights on personal finance, employees can help make better financial decisions,” explained Prudential vice president of corporate social responsibility. “We feel financial wellness programs such as SaverLife Solutions can help workers achieve the foundational elements of financial security, including managing day-to-day finances, achieving important financial goals, and protecting against key financial risks.”
Prudential’s investment is going to enable the company to expand SaverLife Solutions across the US. And for the Red Tab Foundation of Levi Strauss & Co., SaverLife “has been a true unlock for the Red Tab Foundation.”
“Now we can empower Levi Strauss & Co.’s hourly employees to build strong financial futures at a scale we could never reach before,” stated Red Tab Foundation director Jenny Calvert Rodriguez.
With the Red Tab Savers Program, Levi Strauss has seen serious savings from their employee participants. For example, savings rates increased by 8.3x during the six months of the program compared to the previous for an early cohort.
“I was really, really bad at saving,” noted Levis Strauss & Co. store manager Debbra Ward. “I would put money in, whatever I thought I could save, but inevitably before my next paycheck came it would be transferred back to my checking account.” The monthly match from Red Tab helped her start and maintain her monthly savings habit. And this habit would prove useful when a California wildfire threatened her home. Debbra used her emergency savings fund to evacuate safely. Having savings meant not having to panic in the moment. “I just can’t imagine going through something like that and not having savings to fall back on.”
