SaverLife is a nonprofit financial technology company that works to create prosperity for low-income families. The organization's SaverLife platform provides cash prizes, rewards, articles from financial experts, gamified savings activities, and support to incentivize members to build a savings habit.[1]
History
Origins
SaverLife was originally founded as Earned Assets Resource Network, or EARN, in 2001 by a group including financier F. Warren Hellman,[2] California State Senator Mark Leno,[3] former Assistant Secretary of the U.S. Department of Housing and Urban Development Bob Friedman,[4] San Francisco County Supervisor Roberta Achtenberg,[5] San Francisco Foundation CEO Saundra Hernandez,[6] and founding CEO, Ben Mangan.[7]
The nonprofit created an Individual Development Account program[8]
2015–present
Leigh Phillips became SaverLife's President & CEO in 2015.[10][11] In 2017, EARN launched SaverLife, a free online platform designed to help people change their savings habits and build financial security. The platform provides financial incentives, insights, financial coaching, and prizes, to encourage members to save.
EARN changed its name to SaverLife in 2019, uniting its nonprofit services under the SaverLife banner.[12]
SaverLife responded to the COVID-19 pandemic by transforming their online savings platform into a direct cash disbursement tool.[13] By October 2020, the company had given $2.7 million in direct cash payments to its members and small businesses across America. SaverLife also published research[14] on how people used these stimulus checks[15]
Products and services
The SaverLife platform provides incentives to encourage people to save money.[24]
In 2019, SaverLife launched SaverLife Solutions,[25] a custom integration of the SaverLife platform that employers, community-based organizations,[26] and credit unions[27] could offer as a benefit to help their employees build emergency savings.[28] The program was launched with $1.5 million from Prudential Financial.[29] To date, SaverLife Solutions has partnered with
References
- Kyle Burbank. Money at 30: SaverLife Review Dyer News Financial News, Dyer News, 10 June 2020, retrieved 24 March 2021^
- Lattman Peter. Warren Hellman, 77, Investor Who Loved Bluegrass, Dies New York Times, 19 December 2011, retrieved 24 March 2021^
- John Myers. Even rivals say Mark Leno is one of Sacramento's most accomplished lawmakers. Now, his time is up