The Downpour:
A SaverLife research initiative
Understanding the Financial Health Impacts of Climate Change
New Report
Closing the gap: Building climate resilience by meeting the demand for clean energy solutions
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.
“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
How does climate change impact the financial health of households living on low-to-moderate incomes?
On average, SaverLife members are experiencing three types of weather events and disasters caused by climate change, which creates chronic financial stressors.
SaverLife members - especially those who are struggling financially, rent their homes, live in urban and rural areas, and women - struggle to prepare for weather events and disasters, which creates increased financial hardships for already marginalized communities.
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.
SaverLife members who identify as parents are 57% more likely than non-parents 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 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.
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 budgets.
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
More from The Downpour
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Blog post
New findings: Exposure to climate-related events causes economic pain for SaverLife members
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Webinar
Investigating how financial health and climate change intersect to impact households living on low-to-moderate income.
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Press release
New research initiative to highlight economic inequities exacerbated by climate change.
