SAN FRANCISCO--(BUSINESS WIRE)--The pandemic has compelled people to save at record levels not seen since the 1970s—a goal shared by an online group of primarily working-class individuals who have become members of the national nonprofit fintech company SaverLife. Since 2002, SaverLife has been helping working families achieve prosperity through savings, and their number of members recently crossed the half-million mark.
“When most of our members join, they have less than $100 in savings, so we focus on helping them get over that threshold. We have members, like Abraham, Edna and Cheranda, who start their journey with us while they’re experiencing financial challenges, and ultimately achieve life-changing financial success, because they began saving,” said David Derryck, Chief Impact Officer at SaverLife. “In the last 12 months, we've grown our membership by almost 300 percent. If ever there was proof that showed the value of what we do, our explosive growth in members is one. People are able to change their lives, one dollar of savings at a time.”
Many members have realized great success. Edna Nyang, a single mom living in Las Vegas, joined Saverlife five years ago when she was living paycheck to paycheck, trying to pay off debt and create a cushion of savings. With SaverLife she was able to create solid savings habits. Now Edna has no debt, thousands of dollars of savings, and is considering early retirement. “With savings, I have more financial freedom,” she said. “I have a super-sized emergency fund, a vacation fund, and I know I can save for the things I want.”
In celebration of SaverLife’s 500,000th member milestone, the company is offering a new promotion to encourage even more people to begin saving. For 500 members who sign up before June 1st, SaverLife is offering a chance to win a limited-edition t-shirt and $30. To earn an entry, members read articles and take quizzes to improve their financial literacy. Members can earn one additional entry by submitting a video testimonial.
Through engaging technologies and strategic partnerships, SaverLife gives members the methods and motivation to take control of their financial future. As membership has grown, SaverLife’s positive impact has also grown. Its members have achieved significant progress toward their financial health and well-being, and communities have had more stability due to the half-million people who are now building a financial cushion—and then some. For example:
- 55 percent of SaverLife members deposit $500 within six months of joining, thus 275,000 people are better equipped to avoid financial catastrophe with a savings cushion.
- Prior to 2020, when the pandemic caused national savings rates to skyrocket, SaverLife members routinely out-saved the average American every month, and only on a median income of less than $35,000.
- In the six months after joining SaverLife, people increase their savings rate by 3.2x.
“We go to great lengths to help members create a financial cushion so they can establish financial stability and things like flat tires do not become job losses, and job losses do not become evictions. The first step for our members has been, simply, to sign up, and start saving, wherever they are,” added Derryck.
For more on SaverLife, please visit: about.saverlife.org
Follow SaverLife on Twitter: @wearesaverlife
Visit SaverLife on LinkedIn: https://www.linkedin.com/company/saverlife/
SaverLife (formerly EARN) is a 501(c)3 nonprofit on a mission—to inspire, inform, and reward the millions of Americans who need help saving money. Through engaging technologies and strategic partnerships, we give working people the methods and motivation to take control of their financial future. SaverLife has a number of esteemed investor partners including Intuit Financial Freedom Foundation, MetLife Foundation, Prudential, JPMorgan Chase & Co., MasterCard and Capital One. For more information or to join the SaverLife Movement, please visit www.saverlife.org.