Impact Metrics for Emergency Savings Programs
In early 2021, SaverLife collaborated with Financial Health Network, Commonwealth, AARP Public Policy Group, Aspen Institute Financial Security Program, DCIIA Retirement Research Center, Nest Insight, Prudential Retirement Services to discuss how organizations and employers can help their employees and customers build emergency savings. Together, we determined more than 36 impact metrics that can be used to assess the effectiveness of short-term savings programs. Our efforts culminated in the comprehensive reference guide Impact Metrics for Emergency Savings Program.
Because of our members’ stories and feedback, SaverLife ensured that the final reference guide directly addressed the financial needs and goals of people living with low to moderate incomes. SaverLife members have reported that they face multiple emergency expenses per year and that at least one costs over $1,000. Additionally, SaverLife has found that only 16% of members that we’ve surveyed are satisfied with their current financial situation, but that 41% are confident in their ability to reach their financial goals.
Emergency savings can protect working families from financial shock, encourage resilience, and create long-term wealth. In order for SaverLife members to improve their financial health, the financial system must offer accessible and affordable products that aid them at every step of the savings journey. We believe that the impact metrics laid out in this reference guide are a valuable way for employers and organizations to support long-term wealth building and begin to create a more equitable financial system.
“The ability to save money is a key indicator of an economy that works for everyone. That said, there are so many factors influencing the ability to save that it’s important to look at saving from a variety of angles, from deposits to balances to other factors like the existence of debt. This impact metric list can help any organization, no matter how sophisticated, begin measuring programmatic impacts and seeing all of the angles.”
- Tim Lucas, Vice President of Research and Analytics at SaverLife
Interested in becoming a research partner with SaverLife? Contact Tim Lucas at tim@saverlife.org for more information.