United Way chapters can help families

TORRINGTON >> Connecticut United Ways are partnering with a San Francisco-based nonprofit organization called EARN to bring a matched savings program to ALICE (Asset Limited, Income Constrained, Employed) households in the state of Connecticut.

Two years ago, United Way introduced ALICE, which represents the population of individuals and families who are working, but have difficulty affording the basic necessities of housing, food, child care, health care, and transportation.

“Savings is a core component of financial health. A savings habit – and the stability it brings – is as important as income,” United Way members said, in a written statement. “Savings address financial instability by providing a way for families to save for short term emergencies and long term assets, like a college education or a home. Lack of savings is the financial challenge American families’ worry about the most. In fact, one in three households nationwide have no savings. Community conversations held by United Ways across Connecticut with ALICE households echo this struggle.”

For more information about EARN, call the United Way of Northwest Connecticut in Torrington at 860-489-4131.

EARN is a national nonprofit dedicated to helping people build savings that the Connecticut United Ways have partnered with to address this critical issue. This asset-building initiative will complement the great financial stability work that all United Ways across the state of Connecticut support in their local communities.

Connecticut United Ways advance the common good by creating opportunities for all, with a particular focus on education, financial stability, 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.

Founded in 2001, EARN creates prosperity for working families by helping them save and invest in their futures. EARN is a leader in the emerging nonprofit financial technology sector. In 2015, EARN launched America’s first online flexible savings program, becoming a pioneer in the growing field of nonprofit fintech. In 2016, EARN was identified by the Financial Solutions Lab as one of the most promising innovations to help Americans increase savings and manage financial shocks.

Built on a simple online platform, the EARN Starter Savings Program kickstarts a habit of saving. Offered in English, the 6-month program promotes positive financial behavior through an easy-touse tool, backed by monetary incentives. It is the first step in developing financial stability.

Savers enroll in the program online or via their mobile phone, link their own savings account to EARN’s platform, set a personal savings goal, make deposits, and earn rewards. EARN’s online platform links to accounts at 15 financial institutions including Ally Financial, BB&T, BoA, BBVA, Capital One 360, Chase, Citibank, Navy Federal CU, PNC, Simple, Suntrust Bank, TD Bank, US Bank, USAA, and Wells Fargo. Since 2001, EARN has helped thousands of people start saving. EARN’s mission is to help individuals and families reach greater prosperity by building lifelong savings habits and increasing financial capability.