Financial Health Scores of Participants in the Red Tab Savers Program Shift Upward
Of the participants enrolled in the Red Tab Savers Program in 2020, we saw significant improvements in their Financial Health Score after participating in SaverLife.
What is the Financial Health Score? The Financial Health Network’s FinHealth Score® is a measurement framework that can be used to assess the financial health of individuals or groups of individuals over time. It measures debt, savings, spending, financial planning, and other other variables that contribute to one’s overall financial health.
Savings
At the end of the SaverLife program, participants were much more likely to have enough savings to last a month or more and were much more confident that they are on the right path to reach their long-term savings goals.
Credit & Debt
In addition to feeling more confident about their money in the bank, participants were nine times more likely to report manageable or no debt and much more likely to say their credit score is very good or excellent.
Spending
After SaverLife, participants were 17% more likely to say they’re spending less than they are making.
Long Term Planning
SaverLife participants were 22% more likely to agree or strongly agree that they are planning ahead, financially–a huge step for long-term savings success.
Results tabulated from the 102 participants in the Levi Strauss Red Tab Savers program who completed six months with SaverLife and took the Financial Health Score at the beginning and the end of the program.