SaverLife webinar: A conversation about the intersection of climate change and financial health

How does financial health and climate change intersect to impact households living on low-to-moderate income? This was the question that SaverLife posed during our latest webinar “From the frontline: Navigating the downpour of chronic climate expenses in households with low-to-moderate income.” Funded and supported by the Wells Fargo Foundation, the webinar included a presentation on SaverLife’s newest research report and a panel discussion with:

• Leigh Phillips, President and CEO, SaverLife

• Maya Pendleton, Senior Research Manager, SaverLife

• John Moon, Senior Vice President Sustainability Philanthropy Leader, Wells Fargo

• Neda Arabshahi, Vice President, Inclusiv Center for Resiliency and Clean Energy, Inclusiv

• Juanita Constible, Senior Advocate, Climate & Health, People & Communities Program, NRDC

The impacts of weather events can be found in people’s daily lives
Climate change, like financial health, seeps into all areas of daily life and has ripple effects. From buying groceries and finding child care to weatherizing homes and paying medical bills related to the impacts of fluctuating temperatures, “climate change is an all-the-time problem,” says Pendleton.

It holds chronic impacts that continue to appear in people’s daily budgets and financial choices. Phillips explains, “Our tendency is often to think about the immediate financial impacts of climate change: the cost of repairs, the cost of evacuation, lost wages, homes or businesses destroyed. But I would also ask you to think about the long-term impacts. Because every dollar that’s diverted from family budgets to cover the cost of climate change is a dollar that’s no longer invested in sending kids to college, buying a first home, or saving for retirement.”

Informed solutions start with inclusive conversations
Throughout the webinar discussion, panelists shared a variety of solutions to prioritize the perspectives and feedback of people living on low-to-moderate incomes in climate resilience efforts. And they discussed why SaverLife members’ voices matter most as conversations are being had about programs, products, and services that will make a meaningful difference. Two ways to make meaningful change: 

• Open up dialogue between the people who are directly impacted, the communities they live in, and the organizations and representatives who support them

• Share the stories of people that are living on low-to-moderate incomes to raise awareness about the diverse ways severe weather events and disasters are permeating their lives

“Instead of seeing this as something we have to tackle alone, we have to tackle it together,” describes Constible. “We can create collective plans for sharing our supplies and talents. And that starts by talking about climate change.”

Climate change requires everyone’s support
When it comes to preparing for severe weather events and disasters, panelists agree they don't have to be in the financial health space to support households. Because the impacts of climate change can be found in every facet of people’s lives, they emphasize that changing how we think about the chronic impacts can be done across all industries. Arabshahi explains: “You may work on housing, you may work on food. Everything, as we’ve said, relates back to climate change in some way.”

With forward-thinking leaders like Wells Fargo there is an opportunity to be supportive and make change in all sectors — and in a way that directly supports those who are already dealing with the effects of weather events on a daily basis. “Climate change is an all-hands-on-deck moment,” explains Moon. “Just starting where you can is the most important thing.” What matters most is that we collectively take action now to create solutions that support households living on low-to-moderate income. Together, we can ensure that all people have the means to prepare for weather events and still take steps toward financial stability and well-being.

“We have a huge opportunity here to ensure people are equipped with the tools that they need to prepare for climate change,” concludes Pendleton. “We can plan for unintended consequences — and not have them happen — if we’re really strategic and thoughtful about the way that we’re engaging low-to-moderate-income households and the way that we’re thinking about what it means to have an inclusive plan toward climate change.”

Thank you to the Wells Fargo Foundation whose support made this webinar possible.