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Case study: SaverLife boosts overall financial health through savings
Savings can unlock an increase in Financial Health Scores
SaverLife leverages the Financial Health Network’s FinHealth Score® Toolkit to determine if members’ daily financial systems allow them to be resilient and pursue opportunities over time.
The median income of a SaverLife member is between $25,000-$35,000, and two-thirds of new members link an account with a savings balance of less than $100.
A SaverLife member is 1.9x more likely to be considered “financially vulnerable” than the national average at sign-up.
At sign up, 50% of the members in this study were “financially vulnerable,” and 47% were “financially coping” (vs. national averages of 17% financially vulnerable and 50% financially coping).
Just 2% of participants were considered financially healthy when they signed up.
SaverLife Members Improve Their Financial Health Over Time
Learn how SaverLife Members are improving their financial health score through savings.
What we found: Key findings
62% of members increase their Financial Health Scores within six months—and the savings habit members build is a key reason why.
50% more likely to say their liquid savings can cover at least one month of expenses after six months.
30% more likely to indicate they have a manageable debt level after 18 months.
79% more likely to say they’re confident that the members of their household are doing what they need to do to reach their longer-term financial goals after 18 months.
What is the Financial Health Score®?
- The FinHealth Score® is based upon the following definition of financial health:
Financial health comes about when your daily financial systems allow you to be resilient and pursue opportunities over time.
Financial health is a composite framework that considers the totality of an individual’s financial life. Unlike narrow metrics like credit scores, financial health considers whether individuals are spending, saving, borrowing, and planning in a way that will either contribute to or detract from, their resilience in the face of unexpected events and ability to thrive in the long term.
