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CARSON CITY, Nev., Sept. 13, 2018 (GLOBE NEWSWIRE) -- Today, nonprofit EARN.org along with Nevada Governor Brian Sandoval announced the launch of SaverLife Nevada in collaboration with the Nevada Bankers Association. SaverLife Nevada is an innovative initiative to create a culture of saving across the state.
"SaverLife Nevada will put more families on the path to prosperity, and reduce the cost of financial instability to government," said Nevada Governor Brian Sandoval. "SaverLife Nevada fills a critical need for families at a time when many Nevada residents are working hard to pay bills and build for their futures."
SaverLife Nevada will provide small cash incentives to 1,000 individuals to encourage families to build a savings habit and a financial cushion. Nevada residents who join SaverLife Nevada will be eligible for prizes and $10 a month in savings incentives and will receive free online financial education. Savers enroll online at saverlife.org/Nevada.
"My savings habits before SaverLife were so sporadic," says Patricia Smith, a longtime Nevadan. "I always thought I would save tomorrow, but tomorrow never comes. [SaverLife] made saving a priority for me. Instead of something I did at the end of the month, now it's something I do at the beginning of the month."
According to the Federal Reserve Bank, 44% of Americans are "financially fragile" and could not cover an unexpected $400 expense without going into debt. In Nevada, 43.5% of residents have little to no savings to cover basic expenses, and 45.2% of households in Nevada did not set aside any savings for emergencies in the past year.
"SaverLife Nevada is designed to help families weather financial emergencies that lead to eviction, medical debt, and homelessness," says Leigh Phillips, CEO of EARN. "This simple online tool will help Nevadans start to save for tomorrow’s emergencies. Building savings in our community not only addresses individual financial insecurity, it also improves the economic vitality of the country."
The campaign will raise public awareness of Nevada’s lack of savings and demonstrate how directly helping families save strengthens our community by preventing a family’s financial emergency from becoming a crisis.
Saira Valdivia, a Saver from Las Vegas says, "SaverLife is a really good opportunity to start saving because saving becomes a habit. I don't have to worry if something happens because I won’t have to rely on a credit card or dip into the money I need for school."
The campaign is sponsored by the Nevada Bankers Association, FHLBank San Francisco, Charles Schwab Bank, JPMorgan Chase & Co., Wells Fargo, U.S. Bank, Nevada State Bank, and Valley Bank of Nevada.
"Having a savings cushion for unexpected expenses is the first step to financial security," says Phyllis Gurgevich, President of the Nevada Bankers Association "SaverLife Nevada will help people take actionable steps toward saving so that they’re ready for an emergency and can ultimately achieve a brighter future."
SaverLife Nevada is supported by a growing list of partner nonprofits, including United Way of Southern Nevada, United Way of Northern Nevada and the Sierra and Opportunity Alliance of Nevada. Additional partners include the Food Bank of Northern Nevada, Community Chest, and Community Services Agency.
"SaverLife’s collaborative approach is the first initiative of its kind in Nevada," says Scott Emerson, President & CEO at United Way of Southern Nevada. "As community problem solvers, we are proud to be a part of helping Nevada families create long-term financial security."
Information on how to participate
All Nevada residents over 18 years of age with a valid email address are eligible to join. To be eligible to earn rewards, participants must have a savings account in their name at a bank or credit union based in the United States, and be enrolled in online banking with valid credentials.
Visit saverlife.org/Nevada for more information about the SaverLife program, including FAQs and testimonials from more users.
EARN.org is an award-winning nonprofit that builds prosperity for working families by helping them save and invest in their futures. Since 2001, EARN has helped over 100,000 families save for a better future through innovative savings products. EARN's 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. earn.org