SaverLife Launches Free Mobile App to Help Working Families Build Savings

Rhea-AI Summary

SaverLife, a fintech nonprofit, has launched a free mobile app designed to assist hard-working families in saving money and building wealth. This initiative builds upon the success of their online platform, which has already aided 600,000 members. The app incorporates savings challenges and financial tips aimed at managing spending and debt. Funded by Wells Fargo Foundation, the app offers cash incentives to users who join by June 30, 2023. Reports indicate that members typically double their savings rates within six months, with 57% depositing at least $500 into their accounts. The app also fosters community advocacy for a more equitable financial system.

Positive

• The app has already attracted 600,000 members, indicating strong market interest.
• Cash incentives and rewards are provided to motivate users, potentially increasing app engagement.
• Members report significant improvements in savings behavior, with many doubling their savings rates.

Negative

• The program relies on grant funding from Wells Fargo, raising questions about long-term sustainability.
• The target audience is primarily low-to-moderate income families, which could limit broader market appeal.

NORTHAMPTON, MA / ACCESSWIRE / April 26, 2023 / SaverLife, a national fintech nonprofit and advocacy organization, announced the launch of a free mobile app aimed at helping hard-working families save money and build wealth. Building on the success of the SaverLife online savings platform, which has already helped 600,000 members across the country, the new app is a complementary tool that helps create a habit of savings through challenges and tips on how to manage spending, debt and gaps in income. Recognizing the significant role that savings can play in stabilizing households with lower-incomes, the Wells Fargo Foundation is providing grant funding to SaverLife so they can offer cash incentives and rewards to users who download the app and sign up for membership before June 30, 2023.

SaverLife helps members save by providing fun, daily motivation through cash incentives, rewards, and tips from financial coaches, and empowering users to make confident decisions as they progress on their financial health journey. In the first six months of joining SaverLife, members typically more than double their savings rates and 57% deposit at least $500 into their savings accounts. Emmanuel, a SaverLife member since 2021, used the platform to pay off almost $30,000 of debt. "Before SaverLife, I probably had a month's worth of my salary saved. Now, I've saved a three-month emergency fund," he explained.

"We've designed the mobile app to meet our members at every step of their savings journey," SaverLife President and CEO Leigh Phillips describes. "If a person wants to build up their emergency fund, they can join our monthly savings challenges and win cash prizes. If someone is looking to file a tax return for their side hustle, they can read advice from certified financial coaches. No matter what our members' aspirations look like, the SaverLife app can help them achieve those goals-and improve their financial health along the way."

"As a mission-driven organization, SaverLife works tirelessly to better understand the financial lives of working families and help people with limited resources build their savings and financial security," said Bonnie Wallace, head of Financial Health Philanthropy at Wells Fargo. "We're excited to support the launch of SaverLife's mobile app to expand access to much-needed financial and digital tools and incentives that can empower people to reach their savings goals and build financial stability."

The SaverLife app also creates opportunities for members to advocate for a financial system that supports all working families, especially those living with low-to-moderate incomes. "SaverLife members' survey feedback, forum posts, and stories are essential to informing the bigger picture on financial equity," says Phillips. "Their engagement through the app is one of the many ways that we hope to bring them into national conversations on creating a financial system that works for everyone."

How It Works
To get started, download the free SaverLife app from the iOS or Android app store. Create an account and join more than 600,000 SaverLife members who are committed to building wealth and improving their financial health. New and existing members can immediately begin saving and earning rewards at sign-up.

About SaverLife
SaverLife is a 501(c)3 nonprofit on a mission to inspire, inform, and reward the millions of Americans who need help saving money. Through engaging technology, strategic partnerships, and effective public policy, we give working people the methods and motivation to take control of their financial future.

SaverLife launches a free mobile app to help working families save money and build wealth.

View additional multimedia and more ESG storytelling from Wells Fargo on 3blmedia.com.

Contact Info:
Spokesperson: Wells Fargo
Website: https://www.3blmedia.com/profiles/wells-fargo
Email: info@3blmedia.com

SOURCE: Wells Fargo

View source version on accesswire.com:
https://www.accesswire.com/751352/SaverLife-Launches-Free-Mobile-App-to-Help-Working-Families-Build-Savings

FAQ

What is the SaverLife mobile app?

The SaverLife mobile app is a free tool designed to help families save money and build financial health through challenges and rewards.

When did SaverLife launch their mobile app?

The SaverLife mobile app was launched on April 26, 2023.

What funding supports the SaverLife app?

The Wells Fargo Foundation provided grant funding to support the development of the SaverLife app.

What incentives does the SaverLife app offer?

SaverLife offers cash incentives and rewards to users who download the app and sign up before June 30, 2023.

How have SaverLife members improved their savings rates?

Members typically more than double their savings rates within six months of joining SaverLife.