Connecticut United Ways have joined together to promote financial stability for working families statewide by launching ALICE Saves, a new program designed to help families develop a lifelong habit of saving and other positive financial behaviors.
The program is designed to encourage “ALICE” – Asset Limited, Income Constrained, Employed, – to begin their habit of saving by enrolling in two free, award--winning programs.
For the first time anywhere, SaverLife, a proven savings product from the California-based nonprofit EARN, and Trusted Advisor, a successful financial counseling program operated by the New York--based Neighborhood Trust Financial Partners, will be available to help families build emergency savings and begin a journey to financial security.
By joining SaverLife participants receive financial rewards for consistent saving. Savers earn $10 for every month that they save at least $20 and have the potential to earn up to $60 in rewards at the end of the six--month program. Savers who securely link their savings account to SaverLife earn rewards and have access to other supports.
Savers will also be offered the opportunity to take an additional step towards financial security by enrolling in Trusted Advisor, a technology--enabled financial counseling program. A Trusted Advisorcounselor, available through Skype or by telephone, will help Savers develop a financial action plan with concrete steps to meet financial goals.
In its 2018 ALICE Report, a study of financial hardship, United Way found that 40% of Connecticut households cannot afford basic living expenses while 46% do not have enough savings to cover expenses for 3 months. While 37% of CT residents did not set aside any money for emergencies last year, research shows that families with a savings of just $250 are less likely to be evicted or miss a housing or utility payment.
The program is open to all Connecticut residents over age 18 until the end of 2019.
For more information or to register for ALICE Saves, please visit ctalicesaves.org.