The Impact of SaverLife on Employees: Savings Rates Jumped 8.3x in Six Months*

Employer-supported saving makes a difference.

An employer’s support of a financial product or service can provide the trust needed to improve uptake. We found this to be true with a short-term savings program we built in partnership with the Red Tab Foundation, a nonprofit serving Levi Strauss & Co. employees. Through the program, employees were empowered to contribute to their savings, set personal goals, access financial education resources, and earn matched savings rewards. More than 1,300 employees have signed up.

“Take Debbra, for example: She noticed a SaverLife flyer on the employee board at the Levi’s store she manages.

Like many of her colleagues, Debbra was intrigued but unconvinced. “It was free money, but it seemed like there might be a catch. It couldn’t be that easy.””

After a presentation from The Red Tab Foundation, a trusted resource for Levi Strauss & Co employees, dozens signed up to save that day. Many of those employees opened their first-ever savings accounts, which we’ve seen leads to greater savings.

A Sense of Community Creates Change

SaverLife helped Debbra change her savings habits. “You had to put a minimum amount in, and then it had to stay there,” she said. “That was the biggest change. You could pull the money out if you need it, but earning rewards for keeping money in the account added that extra layer so you would think before taking money out.”

Savings at her Levi's store became an expected social norm. This helps explain huge increases in saving: savings rates increased by 8.3x during the six months of the program versus the six months before joining the program. On average, participants increased savings in four of six months they participated.

**Based on the existence of transactions in SaverLife linked accounts within Plaid historical transaction data.

SaverLife Helps Levi Strauss Employees Reach Their Goals

SaverLife understands that savings means different things to different people. For Debbra, savings became a way of attaining peace of mind. She said her motivation for savings was “taking the stress out of life.” Having savings means she won’t have to reach out to friends or family or take out loans.

The savings also meant that when a California wildfire came within a half mile of her home, she had the money to safely evacuate. “Rather than it being ‘what are we going to do?’, it was ‘ok, it’s going to be scary, but we’re going to stay at hotel and we’re going to go swimming. We just aren’t going to worry.” Having savings meant not having to panic in the moment. “I just can’t imagine going through something like that and not having savings to fall back on.”

Debbra credits her family’s new habit of saving money, and the ensuing feeling of security, to SaverLife. Now she feels prepared for “whatever comes around the corner.”

*Based on savings rates for all Red Tab Savings Program cohorts that have completed the six month program.

*Versus people who’ve heard about SaverLife from community groups, other non-profits, or social media campaigns.