AMERICA SAVES AND EVEN PARTNER ON GROUNDBREAKING SAVINGS RESEARCH INITIATIVE

AMERICA SAVES AND EVEN PARTNER ON GROUNDBREAKING SAVINGS RESEARCH INITIATIVE

FOR IMMEDIATE RELEASE - December 9, 2021

Kia Young, Director of Communications, America Saves, kyoung@consumerfed.org
Shayla Ridore, N6A for Even, Even@n6a.com

Launching in 2022, the Initiative Will Boost Thousands of Low-Wage Earning Adults’ Savings Accounts and Study the Impacts of Cash Injections on Saving, Spending, and Mental Health 

(WASHINGTON, DC) December 9, 2021 — During its 20th anniversary celebration on Dec. 2, America Saves, an initiative of Consumer Federation of America, announced the launch of “Foundation $500”, a groundbreaking research initiative examining the effects of the cash infusions on saving, spending, and mental health with low-wage earning adults. The group will conduct this pioneering research in partnership with Even, a leading financial benefits platform focused on financial resiliency. Over 4,000 participants will receive $500 via the Even app with the option to access the funds immediately or save them. The research will be used to inform future projects and programs to better compensate low wage earners to help them build financial resiliency.

“Our vision is that every American has $500 in savings to cushion them from financial shocks,” said Kia McCallister-Young, newly appointed Co-Director of America Saves. “And this is the perfect way to start our next 20 years: by jump starting hard working adults’ accounts.”

This was among three major initiatives announced at last week’s virtual 20th anniversary celebration; all intended to bring one of America Saves’ core values—that low and moderate income earners need more than financial literacy to have financial stability—to life. The research will be conducted via a randomized control study implemented by Dr. Matthew Notowidigdo from the Chicago Booth School of Business and Dr. Raymond Kluender from Harvard Business School to glean granular data on a number of indices to create a robust picture of low-wage savers.

“This initiative will not only give us a greater understanding of savers’ behavior but also inform the future work of America Saves as we continue to look for ways to assist that low-wage earner,” said Amelia O’Rourke-Owens, newly appointed Co-Director of America Saves. “We’re delighted to work in partnership with Even to offer a small financial cushion to these hard working adults and are excited to see what findings result from Drs. Notowidigdo and Kluender as they track the savings goals and successes of recipients.”

Even’s financial benefits platform is designed to provide financial resiliency and control to employees. Through a holistic approach, Even pairs earned wage access with powerful tools for budgeting, emergency savings, and visibility into projected net earnings to better support the financial health of its users. To date, Even has helped employees access more than $3 billion in on-demand pay and helped members set aside over $250 million for emergency savings.

“Even’s research partnership with America Saves is in direct alignment with our overall mission to help U.S. workers get out of the red,” said David Baga, CEO of Even. “The factors contributing to financial distress today, especially among hourly workers, are mounting. Alongside America Saves, we’re excited to better understand how financial instability impacts long-term savings behaviors, what’s needed to course-correct, and additional insights regarding payment distribution frequency.”

The initiative kicks off in 2022 and will run through the end of 2023 with the first round of funds dispersing in spring 2022. To learn more about America Saves visit www.americasaves.org/. To learn more about Even, visit www.even.com 

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About America Saves

America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low-to-moderate income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Since its inception, over 12,000 organizations have participated in America Saves Week to promote savings to their communities. Learn more at americasaves.org.

About Even

Even is a leading financial benefits platform designed to provide financial resiliency and control to employees. Through a holistic approach, Even pairs earned wage access with powerful tools for budgeting, emergency savings, and visibility into projected net earnings to better support the financial health of its users. To date, Even has helped employees access more than $3 billion in on-demand pay and helped members set aside over $250 million for emergencies, medical costs, and other unexpected expenses. Leading employers like Walmart, PayPal, Noodles, Humana, and Mattress Firm partner with Even to invest in the financial health of their workforce.