MetLife Foundation Donates $425,000 to Provide Cash Support to Families Impacted by COVID-19
New York, NY – June 9, 2020 – MetLife Foundation today announced that it will provide a $425,000 grant to SaverLife, a national nonprofit fintech company that helps low-income working families achieve prosperity through savings. SaverLife will use the grant to give cash support to around 800 SaverLife clients facing economic instability as a result of COVID-19. The grant is part of MetLife Foundation’s $25 million commitment to the COVID-19 global response.
Most of SaverLife’s online platform members are low-income women and people of color, who represent some of the groups hard hit by the pandemic. MetLife Foundation’s grant will support SaverLife members who have lost their regular paychecks, along with those using food stamps, with $500 “emergency savings boosts” through SaverLife’s existing digital platform.
Since the start of the pandemic, SaverLife has surveyed its members to better understand the real-life impact of COVID-19 on families. Not only did many lose jobs and incomes, but expenses also rose as families rushed to stock up on essentials.
“SaverLife creates solutions to help low-income people build financial resilience,” said Dennis White, president and CEO of MetLife Foundation. “With this grant, we want to help SaverLife’s members maintain a degree of resilience in the face of the severe challenges posed by the pandemic.
“With MetLife Foundation’s support and by leveraging our existing technology, SaverLife is uniquely poised to provide effective and rapid economic support to working families facing unprecedented financial uncertainty,” said Leigh Phillips, CEO of SaverLife.
On top of the donation to SaverLife’s COVID-19 Emergency Response Fund, MetLife Foundation has provided $3.25 million in grants since 2016 to help SaverLife expand its user-centric savings platform and support low-income people in stabilizing their finances, including through tools provided in the workplace.
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About MetLife Foundation
At MetLife Foundation, we believe financial health belongs to everyone. We bring together bold solutions, deep financial expertise and meaningful grants to build financial health for people and communities that are underserved and aspire for more. We partner with organizations around the world to create financial health solutions and build stronger communities, engaging MetLife employee volunteers to help drive impact. MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2019, MetLife Foundation provided more than $860 million in grants and $85 million in program-related investments to make a positive impact in the communities where MetLife operates. To date, our financial health work has reached 9.9 million low-income individuals in 42 countries. To learn more about MetLife Foundation, visit www.metlife.org.
About SaverLife
SaverLife (formerly EARN) is a 501(c)3 nonprofit on a mission — to inspire, inform, and reward the millions of Americans who need help saving money. Through engaging technologies and strategic partnerships, SaverLife gives working people the methods and motivation to take control of their financial future. For more information or to join the SaverLife Movement, visit www.saverlife.org.