About the project
With support from the Wells Fargo Foundation, SaverLife launched The Downpour, a research initiative intended to expose the ongoing impacts of climate change on the financial health of households living on low-to-moderate incomes. Through qualitative and quantitative data, we bring our members’ experiences to light and determine how well existing policies can mitigate climate change on their behalfs.
This initiative leverages a panel of advisors from across the climate, community organizing, and financial health fields. Project advisors include representatives from organizations such as NRDC, University of Michigan, Federal Reserve Bank of San Francisco, Federal Reserve Bank of Atlanta, Just Solutions Collective, and Wells Fargo. We also appreciate the additional philanthropic support we received from Deutsche Bank for this project.
Six takeaways from the report:
Climate change is affecting SaverLife members’ financial lives. While members are concerned about weather events and disasters, there’s little room in their already tight budgets to prepare for them. Our research shows that 24% of members don’t have enough money to meet their basic expenses, while 32% just meet their basic expenses and 30% meet their basic expenses with a little left over. By comparison, only 11% of SaverLife members say they can afford all of the costs associated with preparing for a severe weather event, while 54% say they can afford none of just a few of the costs.
Parents struggle more than people without dependents to maintain their financial health and prepare for climate change. For the 55% of SaverLife members who identify as parents, our research shows that they are 53% more likely to say that they can’t meet their basic expenses on a regular basis. Parents are also 57% more likely to say that they can’t afford any of the costs associated with preparing for severe weather, and they’re 32% more likely to experience a loss of income when dealing with the effects of weather-related disasters.
When it comes to climate preparation, renters are reliant on their landlords — and landlords need to support them. When a severe weather event occurs, renters are more likely than homeowners to experience negative impacts on their financial health. Nearly one-third of renters have missed payments on monthly household bills, while 25% have experienced a loss of income and wages. And because renters have limited control over the changes that are made to their house or apartment, they must rely on their landlords to ensure their home can withstand severe weather. With renters already experiencing increased financial vulnerability, their landlords must step up to better support their tenants in preparing for and responding to climate-related events.
Climate resilience strategies and products are out of reach. SaverLife members are interested in pursuing opportunities and strategies that will proactively address the chronic climate impacts they’re experiencing. But climate-related policies, products, and services currently aren’t designed with people living on low-to-moderate incomes in mind. At least 40% of SaverLife members are interested in electric vehicles, solar panels, home weatherization, and a more efficient heating system, air conditioner, and hot water heater. But the up-front costs associated with these products pose a major challenge to people who are already maintaining a tight budget.
SaverLife members can become more resilient if climate preparation strategies reflect their financial realities. Climate change is a reality that SaverLife members recognize is already affecting their lives. But the ways in which they approach its long-term impacts matters just as much as their capacity to financially cope with its immediate effects. To maintain resilience in the face of a shifting climate, SaverLife members require preparation strategies, products, and services that reflect their lived experiences, especially when it comes to their financial health and stability.
Download the report
The Downpour: Navigating chronic climate expenses in households living on low-to-moderate incomes
“This is the fight of our lives, and it will take everyone’s participation to create a different outcome: for our families and future generations.”
— Leigh Phillips, SaverLife President and CEO
Member stories from The Downpour
We spoke with three SaverLife members to learn more about the ways they navigate severe weather and weather-related events caused by climate change. Hear from Megan, José and Alizha about their experiences with the chronic impacts of climate change.
When financial stability isn’t enough: How climate change is impacting one woman’s plans for the future
Priced out: Climate Change incentives and programs prove out of reach for people living on low-to-moderate incomes
No good options: A mother shares what it’s like when safety comes at the expense of your dreams
Webinar: Navigating chronic climate expenses in households living on low-to-moderate incomes
Watch a webinar about research findings from The Downpour and learn what experts in the field recommend we do to take these insights and put them into action. Join Leigh Phillips, President and CEO, SaverLife; Maya Pendleton, Senior Research Manager, SaverLife; John Moon, Senior Vice President Sustainability Philanthropy Leader, Wells Fargo; Neda Arabshahi, Vice President, Inclusiv Center for Resiliency and Clean Energy, Inclusiv; Juanita Constible, Senior Advocate, Climate & Health, People & Communities Program, NRDC.
More from the Downpour
Blog post:
New findings: Exposure to climate-related events causes economic pain for SaverLife members (Read more)
Investigating how financial health and climate change intersect to impact households living on low-to-moderate income (Read more)
Press release:
New research initiative to highlight economic inequities exacerbated by climate change (Read more)