Upcoming Event: Building Better Savings Products

The Asset Building Program is looking forward to convening a panel of experts this coming Tuesday to look at savings product innovation geared toward low-income U.S. consumers. RSVP to attend in person or watch live starting at 12:15 Eastern time on Tuesday July 31.

Saving for a rainy day is an increasingly important priority for Americans of all income levels, but with limited resources to set aside, saving is a daunting task particularly for lower-income people. Unfortunately, the prevailing features for many basic savings accounts, such as minimum balance requirements and limited distribution, may not support the savings goals or meet the needs of many lower-income people.
Our panel is made up of representatives of organizations currently working to pilot innovative savings products and models that are specifically targeted to low-income consumers. Tuesday’s event will help us move the conversation forward on the opportunities and challenges in creating a more robust U.S. savings product market.

Read more about the different pilots currently underway:

• Sherrie Rhine, a Senior Economist with the FDIC, will share more about the Safe Accounts Pilot.
• Sarika Abbi, with Doorways to Dreams Fund, will discuss D2D’s work with Plastyc and Save to Win. D2D also has a recent report on the need for product innovation for low-income consumers.
• Caroline Schultz, from MDRC, will profile their work on Save USA and AutoSave (a pilot the Asset Building Program co-manages).

You can also follow the conversation on Twitter by following us at @AssetsNAF and using the hashtag: #SPinnovation