Below are five pilot programs that are seeking innovative ways to reduce barriers lower-income households face when trying to build emergency and precautionary savings.
AutoSave: A unique workplace savings plan that automatically diverts, through payroll deduction, a small amount of post-tax wages into an individual savings account. For more information please visit: http://assets.newamerica.net/autosave_overview.
Model Safe Accounts: Designed to evaluate the feasibility of financial institutions offering safe, low-cost transactional and savings accounts that are responsive to the needs of underserved consumers. For more information please visit: http://www.fdic.gov/consumers/template/.
"Rainy Day Reserve" on a Prepaid Card: D2D partnered with Plastyc, Inc. to design an innovative way to make savings easy and accessible for consumers, by building a Rainy Day Reserve on a prepaid card. The design was informed in part by D2D's research on the need for product innovation to help LMI consumers manage financial emergencies http://www.d2dfund.org/publications/needforproductinnovation.
Save to Win: The first large scale prize-linked savings product piloted in the U.S., designed to engage consumers in the act of saving by making it fun and rewarding. For more information please visit: http://www.d2dfund.org/research_publications/win_win_all_growth_save_win_michigan.
SaveUSA: A tax time matched savings program to help low- to moderate-income (LMI) households build savings and become more financially secure. For more information please visit: http://www.nyc.gov/html/ofe/downloads/pdf/SaveUSA_Implementation_Brief.pdf.
For more on designing attractive savings accounts for lower-income consumers, please see, “Beyond Barriers” by Pamela Chan (http://newamerica.net/publications/policy/beyond_barriers).
Looking for ways to promote to youth?
Moonjar teaches the Save, Spend and Share with the same repetition and vigor as teaching Stop, Look and Listen, our world will be on its way to financial stability! Their award-winning K-5 curricula will help make that happen for your kids whether you are in a traditional classroom, a home school situation or any life skills program.... More
The Alabama & Florida Jump$tart Coalitions for Personal Financial Literacy, Inc. (the "Alabama/Florida Jump$tart") seeks to improve the personal financial literacy of Alabama & Florida communities by focusing on the state's youth by promoting and teaching personal finance skills so that individuals can make informed, responsible financial decisions.... More
Classified "edutainment" BIZ KID$ was created to today's youth about business and personal finance. Each episode features kid entrepreneurs and comedic skits to tackle important but often overlooked themes such as "Cash and Credit," "Budgeting," and "Don't Blow Your Dough." ... More
Since 1984, NEFE has been addressing youth financial literacy with the nationally known NEFE High School Financial Planning Program® (HSFPP). The HSFPP consists of a seven unit student manual, instructor’s guide, and a dynamic suite of Web pages that offer a large, continually growing collection of resources, articles, and financial tools for teachers, students, and parents. ... More
CashCourse provides financial education resources for colleges. It’s online, it’s free, it’s noncommercial, and it’s brought to you by The National Endowment for Financial Education (NEFE) – the only nonprofit foundation dedicated to improving the well-being of all Americans.... More
Fake check scams are costing consumers – and sometimes their credit unions – thousands of dollars. The LSCU is partnering with CFA to warn consumers about these scams in real time and prevent victimization.... More