Connecticut United Ways have joined together to promote financial stability for working families statewide by launching ALICE Saves. It's a new program designed to help Asset Limited, Income Constrained, Employed families develop a lifelong habit of saving and other positive financial behaviors. SaverLife is a financial counseling program operated by the New York--based Neighborhood Trust Financial Partners.
It will be available to help families build emergency savings. Savers earn $10 for every month that they save at least $20 and have the potential to earn up to $60 in rewards at the end of the six--month program. The program is open to all Connecticut residents over age 18 until the end of 2019.
United Ways found that 40% of Connecticut households cannot afford basic living expenses while 46% do not have enough savings to cover expenses for three months. While 37% of CT residents did not set aside any money for emergencies last year, research shows that families with a savings of just $250 are less likely to be evicted or miss a housing or utility payment.
