“Financial stability.” These may not be the exact words people use when describing their American dream, but it’s a prerequisite nonetheless. Having a safe and warm place to live, sending the kids to college, buying medicine when it’s needed, and taking the occasional vacation: These are the things that make for a good life. But far too many Americans are lacking financial stability, which, according to the Aspen Institute and the Financial Health Network, is largely because they don’t have short-term savings. Without savings, people can’t make ends meet, or work towards their goals. Often, they fall victim to short-term credit and predatory loans. We think people deserve better, so we built a way for our members to build up their savings — so far, to the tune of over $350M as of January 2022.
We live in a country with no institutionalized way to teach people about their own finances. For some, this knowledge comes from parents or other family members; but millions of us grow up never having been sat down and taught about saving money, or budgeting. This is a gap with major consequences. Because when people can’t save money they often end up living paycheck to paycheck, unable to work towards goals or even save for retirement.
Living like this is stressful, leading to both physical and mental health problems, which can make the financial situation even worse. It’s a vicious cycle. For those who are lucky enough to be able to put a few dollars away each month, it can be difficult to keep track of what the savings are for, and keep them organized.
There are plenty of apps and programs designed to help people save money, but most of them don’t work. Knowing this, we decided to take a different approach when we built savings functionality into the Even app.
Because of the way Even integrates with employers’ payroll and attendance systems, plus members’ banks, we’re able to provide our members with a complete picture of their overall financial health at any given moment.
Here’s how it works: The Even app shows members their next paycheck amount, as well as upcoming bills. With this information members can make informed decisions about how much money they want to spend or save. They can define personalized goals, and automatically route a percentage of their paycheck into savings. Goals and amounts can be adjusted at any time, and members can also initiate withdrawals from their savings whenever they choose.
Our focus is on empowering our members to build their financial wellness, so we designed all the features of our platform to work in lockstep together. The result is that hundreds of thousands of people at every income level are using Even to work towards their most important goals in life. Of our members, 65% are using the platform every week, and 51% use it daily. As of January 2022, our members have transferred over $350M into their Even savings accounts; on average, a member has deposited $308 after three months, which is a meaningful percentage of the median income.
We’re proud to be able to help Americans make progress toward our dreams. We’re also proud to partner with companies like Walmart, Noodles & Co., Pitney Bowes, and Wesco — forward-thinking organizations who care about the financial wellness of their employees. To learn more about how your company can get started with financial wellness, contact us today.
To learn more, get our free e-book: A Guide to Financial Wellness: The Employer’s Handbook for Understanding On-Demand Pay and Financial Wellness Benefits.
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