SAN FRANCISCO--(BUSINESS WIRE)--EARN, a nonprofit and one of the two largest providers of matched savings accounts in the U.S., has been selected a 2013 Neighborhood Builder by the Bank of America Charitable Foundation. The $200,000 award will fund strategic leadership training on issues critical to economic health and vitality of local communities.
EARN’s online savings products have already helped thousands of low-wage workers build lifelong saving habits and financial capability. Since 2002, over 5,200 people making less than $12,000 per year have saved $6.2 billion of their own money.
“We recognize the important role EARN plays in helping individuals and families build savings and gain financial capability,” said Martin Richards, San Francisco Market President, Bank of America. “The leadership training and funding will not only deepen their impact today but sustain their mission and services over time.”
On December 4, 2013, EARN will launch a new online goal-based savings product designed specifically for low-wage workers who are first-time savers. The Firefly Account’s online portal will reach millions of Americans, build savings habits that lead families to a lifetime of saving, and ultimately, to long-term prosperity.
As EARN CEO Ben Mangan explains, “Evidence gathered from EARN’s last 10 years tells us a saving habit that may begin with money for an emergency, grows to savings accounts and a pattern of saving that leads to home ownership, education and small enterprise.”
“With this award,” he continued, “Bank of America is positioning EARN to continue to break new ground in the way we solve the nation’s opportunity problems – including how to effectively help hard working, low-wage workers save, invest and build financial capability.”
According to the Pew Research Center, saving is one of the leading indicators of poor Americans leaving the bottom 20% of the economy. As CEO Ben Mangan committed on the Clinton Global Initiative’s stage this summer, EARN will help 1 million low-wage workers save $1 billion by 2022.
About Bank of America’s Neighborhood Builders program
Bank of America's Neighborhood Builders® program helps address local challenges in community development, workforce development and education, and other critical needs. The program, an invitation only process for nonprofits addressing these three areas, provides high-performing nonprofits with $200,000 in unrestricted grant funding and leadership development for their executive directors and emerging leaders. Bank of America developed the program in response to the need for strong leaders to face the challenges of local communities.
EARN is a national nonprofit that gives low-income working families the power to create prosperity for generations. As the nation’s leading microsavings provider, EARN gives families the tools to achieve life-changing goals such as saving for college, buying a first home, or starting a small business. EARN's ultimate vision is that millions of well-informed, low-wage American families will achieve financial success through proven strategies, fair public policy, and their own hard work.