Saving is a critical issue for all Americans, but it is especially important for those at the bottom of the economic pyramid. Nearly half of Americans lack sufficient liquid assets to live at the poverty level for three months, with these percentages reaching two thirds for minorities. To address this issue, the Carsey School of Public Policy of the University of New Hampshire is launching “Saving Works.” Saving Works will increase savings and mutual support as it targets the unbanked and under banked. Saving Works builds on the experiences of rotating savings circles already widely used in immigrant communities by layering onto this traditional model what has been learned about improving traditional ways of saving through training over half a million “mini-banks” in nearly 70 developing countries.
Saving Works has recently been launched in Delaware through $tand by Me, that state’s innovative financial coaching program, and will be implemented through the Carsey School of Public Policy at the University of New Hampshire, one of the world’s leaders in community economic development and innovative models of group savings, with partners that work with immigrant communities.
Author and Research Fellow
Carsey School of Public Policy
University of New Hampshire