FinTech News

SaverLife to Expand SaverLife Solutions with Prudential Foundation Investment

For as controversial as certain FinTech startups have been in some circles, financial technologies have provided many benefits for consumers. One company that exemplifies this is SaverLife — a non-profit set on helping individuals lead better financial lives. This includes various initiatives that incentivize saving, including their Scratch & Save program. Additionally the SaverLife Solutions program expands upon the company’s goal by partnering with businesses to offer easily-implemented digital platforms that give employees access to financial resources as well as the ability to set goals and start saving. What’s more, thanks to a $1.5 million investment from the Prudential Foundation, SaverLife Solutions is ready to help even more U.S. adults.

With their previous year-long SaverLife Solutions pilot, the company said they managed to reach 392,000 people. Among the employers SaverLife partnered with for the pilot was Levi Strauss and Co., which created the Red Tab Savers Program. That initiative saw employee savings rates increased by 8.3% over the course of the six-month program compared to the prior six months. Additionally Levi employee Debbra Ward told SaverLife that the monthly match from Red Tab helped her maintain her savings habit and grow an emergency fund — which came to the rescue when Ward had to evacuate her home due to California wildfires.

In a statement announcing the Prudential Foundation’s investment, SaverLife President and CEO Leigh Phillips spoke to the reasons behind the SaverLife Solutions program, saying, “The workplace is one of the most important engines for generating individual wealth and financial security. Not only is it the place where people get paid, it’s also where employees are accustomed to engaging in employer-sponsored benefit programs that affect financial health, such as insurance and retirement. And while most companies have traditionally focused on benefits for higher-income workers, we’re seeing a trend of employers seeking out benefits that provide value to hourly workers as well.” Prudential’s VP of corporate social responsibility Kimberly Ostrowski echoed those sentiments, adding, “Employer-sponsored financial wellness programs play a crucial role in the financial health of employees. By equipping their workforce with tools and insights on personal finance, employees can help make better financial decisions. We feel financial wellness programs such as SaverLife Solutions can help workers achieve the foundational elements of financial security, including managing day-to-day finances, achieving important financial goals, and protecting against key financial risks.”

Notably Prudential isn’t the first company to partner with SaverLife and help sponsor their efforts. Other supporters include Capital One, JP Morgan Chase, the MetLife Foundation, Intuit, and the Mastercard Center for Inclusive Growth. With that line-up alone it’s easy to see that the FinTech is gaining a lot of attention and respect. In turn that’s translating to greater reach for the non-profit’s initiatives. Thus we can expect to hear much more about SaverLife Solutions and other positive programs in the future.

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