Capital One, Dress for Success, and National Non-Profit SaverLife Partner to Empower Women
SaverLife launches custom-matched savings program designed for Dress for Success clients
SaverLife, a national nonprofit fintech company that helps working families achieve prosperity through savings, today announced it has partnered with Dress for Success, an organization that helps women who are experiencing financial inequality, and Capital One to boost financial management skills of women across the country. The three organizations have teamed to create a new, custom-matched savings program for Dress for Success clients across the country participating in financial education programs led by Capital One ambassadors.
“We are thankful to Capital One for their financial support and proud to be partnering with organizations like Dress for Success that empower women,” said Neha Gupta, Vice President of Market Development at SaverLife. “With a membership that is 82% female, we applaud the critical role organizations like Dress for Success play in helping lower-income women achieve economic independence.”
The new matched-savings program is part of Capital One’s Impact Initiative, announced last year, an initial $200 million, five-year commitment to support growth in underserved communities and advance socioeconomic mobility by closing gaps in equity and opportunity.
Why This Matters
According to a Federal Reserve Bank study, 40% of respondents to a national survey could not cover an unexpected $400 expense without going into debt. Further, a recent report from SaverLife and the FINRA Foundation found that $250 in savings is correlated with increased housing security. Households with just $100 in savings are significantly better able to keep utilities on and avoid high-cost borrowing.
The Dress for Success financial program, which is currently offered in Portland (OR), Brookhaven (GA), Denver, Phoenix, New York, Austin, Tampa, Washington DC, Boston, Los Angeles, Chicago, Seattle, Atlanta, and San Francisco, consists of a six-week course that features Capital One Café Ambassadors and Market Community Engagement Leads that provide a financial education curriculum to Dress for Success participants. The curriculum focuses on personal finance, managing income, building independence, planning for the future, financial health, and online banking and safety. The program’s goal is to help women understand their financial challenges, educate them on what they can do to improve their situation, and help them build a healthier relationship with their money. The nonprofit primarily supports women from diverse backgrounds, 70% of whom are women of color.
“In these uncertain times, forward-thinking organizations such as Capital One and SaverLife, have helped shine a light on the financial uncertainties facing many women today, especially women of color,” said Jeanette Duffy, Chief Program Officer at Dress for Success. “SaverLife and Dress for Success are giving women the methods and motivation they need to take control of their financial future, and I am excited we’ve continued to engage with women virtually.”
SaverLife and Dress for Success are providing a matched savings program. Participants receive a $50 savings boost just by enrolling and then have the ability to receive an additional $200 in matched savings over five months. In total, the women have the opportunity to build a $450 savings fund.
“We see power in the partnership with SaverLife and Dress for Success as we are helping people gain better access to economic opportunity,” said Leanne Posko, Community Impact & Investment at Capital One. “We are proud to support these two organizations that have demonstrated their commitment to empowering women to achieve economic independence through the challenges of COVID-19.”
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