Did you know that one-third of Austin residents are classified as low-income? United Way for Greater Austin’s Financial Stability program helps those who are struggling get the guidance they need through three targeted core strategies: learning, saving and thriving. We recognize that in order to create community-wide changes, individuals and families struggling to become financially stable need the help and support of agencies, social workers and volunteers. The national Corporation for Enterprise Development (CFED) supports UWATX’s Financial Stability program and sought to develop a workplace-based savings program for low-wage employees. The savings program helps them save a portion of their paychecks through direct deposit through their employer. UWATX partnered with Open Door Preschools to implement a pilot of this workplace-based savings program and then worked with consultants from OpportunityTexas and Raise Texas to help evaluate the program. The goals of the pilot program were to get employees to sign up for a savings account if they did not have one and to also sign up for direct deposit. Although the savings program is still ongoing at Open Door Preschools, the pilot phase was eight weeks long and had three components aimed to decrease barriers to signing up: 1) Employees were prepared – Employees initially learned about the savings program through an email from their executive director. The email included information on what the employees needed to bring to prepare for the meeting. 2) Employees attended a facilitated meeting – Through a facilitated kickoff meeting at each preschool location, the executive director gave employees an opportunity […]
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