Connecticut United Ways Launch ALICE® Saves, a New Savings and Financial Counseling Program
Initiative Responds to Report that 4 Out of 10 Families in Connecticut Struggle to Pay for Basic Needs
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 encourages ALICE - Asset Limited, Income Constrained, Employed, - to begin developing a habit of saving while moving toward a more secure financial future.
, a proven savings product from the California-based nonprofit EARN offers financial rewards for savings. Savers, who securely link their bank account to the program, can earn up to $60 dollars in the first six months savings - $10 for every month that they save at least $20. Other incentives and supports are available.
- 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 offered by New York-based Neighborhood Trust Financial Partners. A Trusted Advisor counselor, 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 Ways 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.
On the call will be:
- Richard J. Porth, President & CEO, United Way of Connecticut
- Kim Morgran, CEO, United Way of Western Connecticut and Chair, Connecticut United Ways Chief Professional Officer Council
- Shana Beale, Director of Communications, EARN
- Justine Zinkin, CEO of Neighborhood Trust Financial Partners
Tuesday, March 19, 2019 at 3:00 PM
Call-in number - 1-800-719-7514
Access Code - 527533
About Connecticut United Ways
Connecticut United Ways advance the common good by creating opportunities for all, with a particular focus on education, income/financial security, health, and basic needs - the building blocks for a good quality of life. We engage people and organizations throughout our communities who bring passion, expertise, and resources needed to get things done, and we invite everyone to be part of the change.
EARN.org is an award-winning nonprofit that builds prosperity for working families by helping them save and invest in their futures. Since 2001, EARN has helped over 100,000 families save for a better future through innovative savings products. EARN's 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 Neighborhood Trust Financial Partners
Neighborhood Trust is a nonprofit social enterprise empowering workers to take control of their finances and achieve financial health. With more than 20 years of financial counseling experience, we blend our trusted financial guidance with innovative technology solutions and actionable financial products to help workers' paychecks go further. Annually we reach more than 10,000 low- and moderate-income workers across the country through Trusted Advisor and other products.