SAN FRANCISCO--(BUSINESS WIRE)--EARN, the leading nonprofit provider of goal-based savings products in the U.S., has announced a key partnership with Wakeland Housing and Development Corporation for EARN’s Firefly Account. The Firefly Account, designed to help the 132 million working Americans in or on the edge of poverty develop a lifelong habit of saving, signals EARN’s mission to help 1 million Americans save $1 billion by 2022.
“San Diegans have to work harder than ever to attain the American dream,” said Ben Mangan, EARN’s President and CEO. “EARN’s Firefly Account helps build the habit of saving and the financial capability that can help bring that dream to life. EARN is thrilled to have such a strong partner in Wakeland Housing and Development Corporation to launch Firefly in San Diego.”
“The Firefly Account perfectly aligns with Wakeland’s strong financial literacy and CORE Programs that emphasize goal-setting,” said Angelica Muñoz, Wakeland’s CORE Program Manager. “We’re excited about this partnership as it offers a simple, easy to use platform and tool to help our residents save money, and see that their hard work is paying off.”
According to the Pew Charitable Trust, regular saving is among the leading indicators of poor Americans leaving the bottom 20% of the economy. With 30% of full-time working San Diegans earning less than $30,000, the amount necessary to live self-sufficiently, the Firefly Account is the first step these low-wage workers will take toward financial stability.
Sonia Cordero, a resident at Wakeland, quickly saw the benefit of opening a Firefly Account: “It feels wonderful to know that my effort is paying off for saving—and for the habit,” she said. “I haven’t had this benefit before, and I am really grateful for that.”
The Firefly Account uses interventions like financial incentives, notifications, reminders, and other support mechanisms to boost motivation and commitment to saving. Individuals who save with the Firefly Account earn financial rewards each time they make at least $20 in deposits each month. Deposits can be made online anytime, and individuals can track their progress as they save.
The Firefly Account is made possible with the support of numerous key partners, as well as funding from Bank of America, Charles Schwab Bank, JP Morgan Chase, Levi Strauss, Capital One, Silicon Valley Community Foundation, Marcled Foundation, Walter & Elise Haas Fund, and the Kresge Foundation.
About EARN
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.
ABOUT WAKELAND HOUSING AND DEVELOPMENT CORPORATION
Wakeland Housing and Development Corporation is a leader in the creation and operation of affordable housing in California, delivering high-quality residential developments that address the needs of the communities we serve. Since we started in 1998, we have built a portfolio of nearly 6,000 homes at 34 sites throughout the state, each of which showcases our commitment to building and operating cost-efficient housing developments with superior on-site programs and services for residents. For more information, please go to http://www.wakelandhdc.com.
Connect with EARN at http://www.earn.org, facebook.com/earn.org, and twitter.com/earn.
