Making Sense of the Many and Complex Solutions to Help People Build Their Savings
America currently faces a savings crisis, as nearly half of the U.S. population doesn't have $400 to cover an unanticipated expense. While there are a variety of saving solutions available for low- to moderate-income (LMI) households, they are scattered and often do not meet the complex needs of the people who could benefit from them.
Prosperity Now, together with our partners, has been exploring how to better design and deliver savings products, services and programs to help families meet their savings needs. We’re excited to share initial findings of our research into the savings ecosystem through a new series of briefs.
This series is designed to help nonprofit practitioners better understand the complicated marketplace of savings solutions, reflect on clients’ savings needs and how they experience savings solutions, and identify solutions that are right for clients. Each brief explores a different aspect of the savings solution market, gaps in the solutions market, and promising innovations:
- The Savings Crisis and the Need for Holistic Solutions explores the savings challenges that households face, their underlying causes and a vision for new solutions.
- Savings Solutions details existing savings solutions and the savings needs they support.
- Savings Solution Features examines the features that solutions use to support savings.
- Consumer Experience of Savings Solutions discusses how people interact with savings solutions.
- Delivering Savings Solutions shares insights on how solutions are reaching families.
We’d love to know what you think—how do these briefs resonate with you and your clients’ experiences navigating the savings landscape? How do the savings solutions you offer clients help support different savings needs?
Join this conversation by signing up for the Savings Network and listserv! The Savings Network brings together practitioners from around the country to generate ideas and share strategies, tools and resources for building, sustaining, innovating and advocating for savings programs so that all families can thrive. And the listserv digs even deeper!
The Savings Network will be holding a bimonthly webinar series to explore different savings topics. Sign up for them here.