Discover better ways to build financial wellness with Science of Savings!
Budgeting is an important piece of the wellness puzzle. But for the many Americans faced with high income volatility—especially those with low incomes—financial planning is easier said than done.
What is Science of Savings?
Nearly half of Americans cannot access $400 in an emergency without going into debt. Savings is a critical first step toward financial resilience and economic mobility. But one size does not fit all when it comes to savings products and services, especially for low-income women and people of color who lack access to the tools that build wealth.
SaverLife’s new initiative with support from JPMorgan Chase, the Science of Savings, creates an engine to propel new ideas for savings and financial health. The Science of Savings will leverage technology, data analysis and user engagement to drive a continuous loop of research, product development, evaluation, and dissemination.
This experiment-based approach will result in new approaches to help our members and others take charge of their financial lives.
We encourage participation at all levels. Those interested in simply observing the process or contributing input without joining a team are welcome.
Latest Challenge
Create a guide or tool that empowers people to reach a $100+ savings goal in 30 days.
Past Challenges
Challenge #1
Develop a budgeting tool to help users save $100 and beyond, designed especially for users with high income volatility.
Challenge #2
Create a guide or tool that empowers people to reach a $100+ savings goal in 30 days.
Why SaverLife? Helping Members And Leading The Field
SaverLife has an established track record of developing savings products and programs that are built specifically for—and with—low-income individuals.
As a nonprofit fintech whose products have reached over 350,000 people, we have the capacity to test and reiterate on multiple fronts—from messaging to product features to delivery systems. Our data-driven insights reports have reached over 25,000 people in the last two years. The Science of Savings builds on two decades of developing, testing, and implementing targeted savings initiatives that empower low-income households.
Our ability to both “think and do” positions SaverLife as the ideal organization to lead experimentation in the field of savings.