Summary of Proposed Innovations

Accelerating Low-Income Savings. Ed Khashadourian. Accelerating low-income deposit formation through innovative incentive designs and a business model to bring such programs to scale.

Big Dreams Start with Small Savings. Ben Mangan & Nga Chiem. EARN is building a mobile-enabled online platform that delivers a combination of incented emergency savings accounts and personal financial management tools that provide capital needed to withstand economic shocks as well as the ingredients for lasting savings habits.

Building Financial Capability: TANF Bank Accounts. Karan Gill, Dana Mills, & Margaret McKenna. Recommends states contract with the financial institutions that administer their Electronic Benefits Transfer (EBT) cards to include a provision requiring the contracting financial institutions to provide no-fee/low-fee bank accounts to every participant at the time of application for public benefits.

Emergency Savings for Shelter Residents: Modifying New York City’s Mandated Savings Initiatives. Amelia Erwitt & Nathalie Gons. New York City’s Office of Financial Empowerment intends to implement a savings match and a number of de-biasing mechanism tweaks to the structure, messaging and delivery of the Department of Homeless Services’ Income Savings Requirement program, which requires income-earning shelter recipients to save money in lieu of paying rent toward shelter.

Expanding Economic Opportunity through Renter Equity. Margery Spinney. Residents of affordable housing communities earn credits up to $10,000 over 10 years in a financial fund by fulfilling responsibilities for participation in management and maintenance of their housing and become vested, able to withdraw cash, after 5 years.

Incorporating Savings into the Debt Management Plan. Karen Heisler & Seth Lutter. Incorporating a savings component into the Debt Management Plan to increase emergency savings.

Prosperity SmartSave Card: An Incentivized Emergency Savings Strategy. Sharon Henderson. Incentivized, mobilized emergency savings accounts based on a collateralized loan structure that will build credit as used.

Refund to Savings: Creating Contingency Savings at Tax Time. Michal Grinstein-Weiss, Krista Comer, Blair Russell, Clinton Key, Dana Perantie, & Dan Ariely. Refund to Savings (R2S) is an innovative, rigorously designed, and scalable initiative designed to help low-income households build small-dollar, unrestricted savings and increase their financial security and mobility.

Save at Home: Building Emergency Savings One Mortgage Payment at a Time. Stephanie Moulton, Anya Samek, & Cäzilia Loibl. The purpose of this project is to leverage the purchase of a first home as a moment of intervention to build emergency savings for otherwise vulnerable low-income households.

The SaveUSA Coalition: A National Network of Tax Time Savings. Jonathan Mintz. The Cites for Financial Empowerment Fund aims to secure public investment in the form of a federal tax credit for emergency savings for low-income families. To accomplish this objective, the CFE Fund and New York City Office of Financial Empowerment propose to select municipal partners around the country to replicate the SaveUSA model, building evidence and growing support for a federal tax credit, while learning more about demand and match thresholds.

Skipping the Latte: Building Emergency Savings through “Impulse Saving.” Kim Manturuk, Jessica Dorrance, & Jayson Halladay. Piggymojo is an emerging, innovative approach to helping underbanked consumers build emergency savings by impulsively saving money they would have otherwise spend on impulsive purchases.

Start2Save: A Pilot Matched Savings Program to Build, Access and Sustain Emergency Savings. Ingrid Holguin. Start2Save combines a microsavings account with financial education, savings incentives, technology-based coaching and case management, and credit tools to help low-income households prevent, manage, and recover from financial emergencies.

Who Said Pigs Can’t Fly: A Grass-roots Approach to Emergency Savings. Sonya Caesar. The Operation Silver Savings project is one strand, (practical application) of the Money Matters @ CCBC curriculum that involves students actively engaging in a micro savings activity.