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Helping families face financial obstacles that prevent a good quality of life. 40% of CT households could not afford basic needs. Average CT Household Survival Budget for a CT family of 4 is $77,832, or $39.92/hour 45% of all CT jobs pay less than $20/hour
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Helping families face financial obstacles that prevent a good quality of life.
40% of CT households could not afford basic needs. • Average CT Household Survival Budget for a CT family of 4 is $77,832, or $39.92/hour • 45% of all CT jobs pay less than $20/hour • 37% of CT residents did not set aside any savings last year
Why Savings Matters • 40% of Americans could not cover a $400 expense with the cash they had on hand. • Families with just $250 of savings are less likely to be evicted or miss a housing or utility payment. • Children’s money habits are formed by the age of 7.
On a Path to Financial Security • SaverLife CT (EARN) • Kick-start emergency savings with savings rewards • Trusted Advisor(Neighborhood Trust Financial Partners) • Free tech-enabled, one-on-one financial counseling available to ALICE Saves participants
First 6 months - save $20/month, earn $10/month; after 6 months eligible for savings prizes • Expanded number of financial institutions • Eligibility requirements • At least age 18 • Valid email address • Account with online banking credentials • No income limits
Weekly savings tips from a financial coach • Online financial tools • 2017 Pilot Results • 319 Savers • Saved $260,374 • Average savings - $970
Builds trusted relationship with client to manage and improve financial lives. • Tech enabled financial counseling available in English and Spanish. • Co-create plan to meet financial goals, counselor supports and encourages action. • Reduced client debt by $4 million since 2016, 92% have more confidence making financial decisions
What you will receive Partnership Opportunity • Marketing toolkit (https://alice.ctunitedway.org/partneralicesaves/) • Monthly participation, savings and rewards reports by zip code • Training • Connect savers to Trusted Advisor • Recognition as a SaverLife CT partner Your Commitment • Promote SaverLife to your constituency • Identify target number of savers you will enroll
Contact: Your Local United Way or Donna Taglianetti 860-559-5618 dtaglianetti@unitedwayinc.org or Joshua Miller 860-372-4217 joshua.miller@ctunitedway.org