SaverLife Launches in Nevada
SaverLife Nevada is a new program that provides incentives to help Nevadans develop savings habits, manage their money, and develop an emergency fund.
Nevada State Bank recently joined other financial institutions and the Nevada Bankers Association in launching a statewide initiative aimed at helping Nevadans develop good savings habits. SaverLife Nevada is a financial wellness program offered by EARN, a national nonprofit whose mission is to help working families achieve prosperity through savings.
According to the Federal Reserve Bank, 44 percent of Americans are “financially fragile” and could not cover an unexpected $400 expense without going into debt. In Nevada, 43.5 percent of residents have little or no savings to cover basic expenses, and 45.2 percent did not set aside any savings for emergencies in the past year.
“Having a savings cushion for unexpected expenses is the first step to financial security,” said Phyllis Gurgevich, president of the Nevada Bankers Association. “SaverLife Nevada will help people take actionable steps toward saving so that they’re ready for an emergency and can ultimately achieve a brighter future.”
SaverLife currently serves more than 100,000 members across the U.S. Participants in other states set aside an average of $584 in the first six months after joining the program, although many of them had never been able to save before they joined. They also showed improved financial habits, such as sticking to a budget (40 percent), spending less (46 percent), and being prepared for a financial emergency (77 percent).
In Nevada, program activities by the financial institutions and the Nevada Bankers Association will primarily support low- to moderate-income people making 80 percent or less of the Area Median Income. Nationally, SaverLife users have an average income of $27,582.
SaverLife Nevada will provide small cash incentives to 1,000 individuals to encourage families to develop a savings habit and establish a financial cushion. Nevada residents who enroll in the program are eligible for prizes and savings incentives for six months.
All Nevada residents over 18 years of age with a valid email address are eligible to join SaverLife Nevada. To earn rewards, they must have a savings account in their name at a bank or credit union based in the U.S., and be enrolled in online banking with valid credentials.
To sign up, a person visits www.saverlife.org/Nevada, enters some basic contact information, and links their existing savings account. (Banking information is transmitted with bank-level security and encryption.) If the individual doesn’t have a savings account, they are encouraged to open an account at a bank or credit union. SaverLife Nevada then monitors activity in the savings account, tracking deposits to see if the member qualifies for incentives and rewards.
SaverLife Nevada helps members set goals and track their progress. When signing up, they enter their savings goal (education, emergency fund, retirement, etc.), as well as how much they want to save each month. Each week, they receive savings tips and encouragement by email from a financial coach.
If a member saves just $20 per month, SaverLife Nevada rewards them with another $10 to help them kick-start their savings. This continues through the first six months of the program, giving them time to develop the savings habit and start to see positive results. They will automatically be entered to win prizes every week they save, with prize offerings changing regularly. They can enter to win prizes by saving, pledging to save, sharing their story online, and more.
The website (saverlife.org/Nevada) provides a wealth of resources, including informative articles on topics such as
· Is debt consolidation right for me?
· What you need to know about unemployment benefits
· Get retirement-ready at any age
The site also contains financial calculators and answers to questions about budgeting, managing debt, and other subjects.
For further information about SaverLife Nevada, or to enroll, visit www.saverlife.org/Nevada.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC