June 20, 2017 marked the launch of San Francisco-based EARN’s new asset-building tool SaverLife. SaverLife San Francisco is a transformative community movement designed to increase financial stability and emergency savings in the Bay Area, sponsored by EARN and Treasurer José Cisneros and the San Francisco Office of Financial Empowerment.
AC CAN attended the SaverLife kickoff at San Francisco City Hall. A panel of leaders in the field of financial empowerment shared that almost 50% of people in the Bay Area couldn’t cover a $400 emergency without going into debt, often through utilizing predatory services such as pay-day loans. The panel included financial coach and Bay Area native Saundra Davis, as well as U.S. Financial Diaries project leader Rachel Schneider, and financial research expert Signe-Mary McKernan. Saundra Davis assisted with design and development of the SaverLife campaign educational content. As the gap between the very wealthy and low-income communities continues to widen, tools such as SaverLife are increasingly important to empower the 99%. The goal of the SaverLife tool is to incentivize and support healthy savings habits among 1,000 Bay area individuals, many of whom make up the client base of AC CAN member organizations.
HOW IT WORKS: Accessing the SaverLife program is simple and open to individuals of any income bracket who are 18 and older. Join online at www.saverlife.org, link your savings account at any of 9,000 banks nationwide, and save at least $20 each month to get a $10 return on your investment for six months. After the six month program ends, people who are new to saving will now have practice setting money aside and continue with their saving habit in the future..
SaverLife targets residents in the nine Bay Area counties and will support 1,000 individuals who want to start saving. The program will also provide engaging educational materials to help people grow in their knowledge of finance management–acting like a virtual financial coach. The program and free materials are currently available in English and EARN plans to expand language options within the next year.
HOW TO GET INVOLVED: EARN and SaverLife hope that you will tell clients, coworkers, and friends about the new program. Anyone in the Bay Area can sign up and materials to spread the word are available HERE. If you have specific questions, contact SaverLife directly. You can also look for the brightly colored SaverLife advertisements on MUNI and BART – feel free to snap a photo and post to facebook or twitter, using hashtag #SaverLife. The deadline to sign up for SaverLife is September 20, 2017, so we encourage you to get the word out as soon as possible!
AC CAN is excited to see continued innovation in financial services, especially at a time when the economic climate in the Bay Area is increasingly challenging for low- and moderate-income communities. For those of you who work with young adults, this could be an especially neat tool to inspire transition-aged youth to start saving. The small amount required to earn matched savings makes the savings goal feasible for young and old alike.
ACCAN’s June Program Committee meeting featured a presentation from Jahmil Lacey, public health researcher and project founder of #TRAPMedicine, a progressive model of leveraging cultural capital to provide equitable and holistic health services among communities of color. Jahmil is interested in building partnerships with organizations like yours to bring financial education into that space as well. Contact #TRAPMedicine at [email protected]. Download the presentation HERE. AC CAN Program Committee is a group open to all staff of AC CAN member organizations. If you would like to join AC CAN, submit an application HERE.
“Certify Your Service” Campaign – consumer education campaign to empower student loan borrowers working in public service to protect their progress toward loan forgiveness
- July 6: Affordable Housing Options for First-time Homebuyers. REGISTER
- July 7: Black and Brown Unity Film Festival at the New Parkway Theater in Oakland, CA. Local film makers will present three documentaries related to mental health. Watch HERE for more info.
- July 10: Data Tools For Health Equity Action; live web-based panel discussion with national leaders who are using and designing data tools to drive health equity and community action. REGISTER
- July 19: AFN Presents: Asset Preservation Strategies: How Fines and Fees Strip Wealth from Low-Income Communities. REGISTER
- July 21: Department of Business Oversight (DBO) Convening to discuss new campaigns, initiatives, and resources regarding savings, credit and debt, homeownership, small business and fraud prevention. REGISTER
- July 25: Credit Reports for First Time Homebuyers Workshop. REGISTER
- August 17: AC CAN Income & Asset Development Training 101; Stakeholder Convening.
Tools & Resources
FINANCIAL CAPABILITY TOOLKIT: a culmination of best practices and lessons learned by seasoned practitioners and newcomers to the asset building field as they partnered with National CAPACD to deliver immigrant integration financial capability framework. Click to download.
BUDGET CENTER BRIEFING WEBINAR: As part of the Policy Perspective Speakers Series, the Budget Center hosted a briefing webinar to discuss the revised state budget released by Governor Jerry Brown on May 11. This webinar discussed major components of the Governor’s revised spending plan and their implications for the final weeks of this year’s budget debate. Access Webinar.
CHECK OUT PROSPERITY NOW’S REPORT, A Downpayment on the Divide: Steps to Ease Racial Inequality in Homeownership
DEBT COLLECTION RESOURCES: 5 Sample Letters to Send to Debt Collectors
FIND YOUR NEAREST FREE SUMMER LUNCH SITE: Lunch is served, June 22nd to Aug 10th. Make sure families with kids/teens ages 18 and under know where to go for free summer lunch with the program finder tool.
BEYOND THE NEXT PAYCHECK – CREATING OPPORTUNITIES FOR YOUNG WORKERS TO THRIVE: Our research brings to light a fundamental insight: short- term financial worries are getting in the way of long-term financial security, and employers understand that this mismatch hurts their own bottom lines. Download the full report HERE.
Bay Area Asset Building Coalition – Request for Proposals for TA Provider
W.K. Kellogg Foundation – Program Officer for Family Economic Security
Northern Nevada HOPES – Bilingual Financial Empowerment Coach
NPower – Guidance Specialist
EARN – Content Marketing Manager
EBALDC – Financial Services Coordinator – SparkPoint Oakland
Mission Economic Development Agency – Financial Capability Coach