More than half of American families across all income brackets do not feel they could meet their basic financial needs if their income was disrupted for three or more months. Over 40% state they would dip into a retirement savings if they had an interruption in their income. Today’s organization is helping to give low-income working families the power to create prosperity for generations through financial education.
EARN is the nation’s leading microsavings provider. They provide families the tools to build wealth and achieve life-changing goals such as saving for college, buying a first home, or starting a small business. Since 2001, they have helped tens of thousands of low-wage families in the San Francisco Bay Area through innovative financial products including matched savings accounts, checking accounts for the unbanked, and financial coaching.
EARN program savers receive 8 hours of financial management training, covering budgeting, spending, credit repair, and long-term planning. Savers also complete at least two asset-specific workshops per year, covering topics such as starting a small business, budgeting and credit, managing debt, intro to finance, financial aid for education, and first-time home purchase.
Perhaps the best way to explain EARN’s impact is to share a story from a recent Saver, La Tanya. After years of drug addiction, La Tanya got clean and sober for her children. She and her husband struggled to build a better future for their family, but when he got laid off, they almost lost everything – even the kids’ dreams of college. “EARN saved us,” she says. “EARN taught us to make the most of our money… and the kids learned to save, too.” Today, La Tanya is a business owner and homeowner, and her son is in college. Learn more about La Tanya and other success stories here.
EARN also offers some financial information on their website that anyone can take advantage of. Some of the resources available include the Money Mindfulness Expense Tracking Spreadsheet, a variety of short financial seminar videos, and links to many other resources and financial tools.
EARN’s ultimate vision is that millions of well-informed, low-wage American families will achieve financial success through proven strategies, fair public policy, and their own hard work.
You can help EARN as a volunteer. They have a wide range of volunteer needs from routine tasks to teaching Saver Workshops. You can learn more about the current volunteer opportunities here. Financial donations are also accepted through the EARN website.