54% of workers say that financial matters 66% of employers - - PowerPoint PPT Presentation

▶
54 of workers say that financial matters 66 of employers
SMART_READER_LITE
LIVE PREVIEW

54% of workers say that financial matters 66% of employers - - PowerPoint PPT Presentation

Jan 05, 2023 138 likes •707 views

EMPLOYER SOLUTIONS : FROM EMERGENCY TO RESILIENCY Presented by June 25, 2020 54% of workers say that financial matters 66% of employers agreed that employees are cause them the most stress at work less productive at work when

slide-1
SLIDE 1

June 25, 2020

EMPLOYER SOLUTIONS:

FROM EMERGENCY TO RESILIENCY

Presented by

slide-2
SLIDE 2

66% of employers agreed that

employees are less productive at work

when they are dealing with

financial worries. ”

“

54% of workers say that

financial matters cause them the most stress at work ”

“

40% of employees are

looking to their employer for financial security ”

“

slide-3
SLIDE 3
  • Commonwealth: Supporting Employees Melissa Gopnik, Commonwealth

and Financial Security

  • Canary: The Right Money

Rachel Schneider, Canary at the Right Time

  • Welcome

Evelyn Stark, MetLife Foundation

AGENDA

  • Q&A

Evelyn Stark, MetLife Foundation

  • Onward: A Financial Cushion

Ronnie Washington, Onward for Every Worker

slide-4
SLIDE 4 MELISSA GOPNIK COMMONWEALTH RACHEL SCHNEIDER CANARY EVELYN STARK METLIFE FOUNDATION

SPEAKERS

RONNIE WASHINGTON ONWARD
slide-5
SLIDE 5

PARTICIPATE

During the presentation – Type your question in the QUESTIONS BOX to be addressed during discussion breaks or during Q/A

WEBINAR CONTROL PANEL

AssetFunders.org
slide-6
SLIDE 6

AssetFunders.org

INFORM | CONNECT | INFLUENCE | BUILD

As the only membership organization for grantmakers focused on advancing economic security, the Asset Funders Network connects philanthropic leaders to drive greater impact where it’s needed most.

slide-7
SLIDE 7 We build solutions to make people financially secure.

We build solutions to make people financially secure.

Supporting Employees Financial Security

June 25, 2020 Melissa Gopnik

slide-8
SLIDE 8

Mission

We build solutions to make people financially secure.

slide-9
SLIDE 9

Employment System

Workers’ Needs/Wants

  • Privacy
  • Choice
  • Solutions

Employers’ Needs/ Wants

  • Capacity
  • Business Value
  • Liability
slide-10
SLIDE 10
slide-11
SLIDE 11
slide-12
SLIDE 12
slide-13
SLIDE 13
slide-14
SLIDE 14
slide-15
SLIDE 15

For households making less than $60k, 55% would not be able to cover a $400 emergency

” “ ” “

For all households, 40% would not be able to cover a $400 emergency

” “

For Black households making less than $60k, 72% would not be able to cover a $400 emergency ”

“ ”

slide-16
SLIDE 16
slide-17
SLIDE 17

A Place to Save

  • Savings Account
  • Fintech App
  • Retirement “Sidecar”
  • HSA
slide-18
SLIDE 18

Easy

  • Split direct deposit
  • “Forced” Choice
  • Raises
  • Pre-commitment
slide-19
SLIDE 19

Fun

  • “Prize-linked Savings”
  • Games & Gamification
slide-20
SLIDE 20
slide-21
SLIDE 21

Melissa Gopnik Senior Vice-President

buildcommonwealth.org @buildcommonwealth

slide-22
SLIDE 22

June 2020 Asset Funders Network www.workwithcanary.com

Confidential

Canary

The Right Money at the Right TimeTM

slide-23
SLIDE 23 23
slide-24
SLIDE 24 24

Employer hardship funds try to meet this need ...

slide-25
SLIDE 25

And get high marks for effort ...

25

35% 14%

slide-26
SLIDE 26

Insufficient clarity or ambition about purpose + Limited to no outcome measurement = Operational gaps

26

But could deliver greater impact ...

slide-27
SLIDE 27

The Workers Strength Fund

How to get cash to workers, and who pays?

slide-28
SLIDE 28

Goals of the Worker Strength Fund Pilot

Learn how low-income gig workers navigate unexpected expenses. Test if quickly disbursing emergency grants of up to $1K would have a positive impact on workers’ financial security. Understand if benefits would exceed costs, and which workers benefit most in which situations.

The Impact of Emergency Cash on Gig Workers : Findings from the Workers Strength Fund

slide-29
SLIDE 29

Methodology

Recruited gig workers through Steady and Drivers Benefits Targeted users in NYC, Detroit, Dallas, and San Francisco Funded 350 workers Collected demographic data through WSF website Surveyed fund recipients and invitees who did not sign up Interviewed recipients when they received funds and 3-4 weeks later

The Impact of Emergency Cash on Gig Workers : Findings from the Workers Strength Fund

slide-30
SLIDE 30

WSF’s Overall Impact

Helped workers get back to work Financial impact was most positive in the short-term Had substantial positive psychological impact

Over two-thirds reported immediate increase in financial security. 75% of those who had been unable to work returned to work as a direct result of receiving funds. 71% of those who remembered WSF reported a positive impact.

The Impact of Emergency Cash on Gig Workers : Findings from the Workers Strength Fund

slide-31
SLIDE 31

Add to the pool in whatever amounts they can, and request funds when they have a financial hardship.

Seed the fund with an initial contribution, and make ongoing contributions.

31

Introducing the Canary Grant Circle

Confidential

Employers/Funders Community Members

slide-32
SLIDE 32

Leverage tech, data, behavioral economics, human-centered design Deliver an innovative, high impact solution that enables flexible access to funds during shortfalls / hardships

32

We believe that helping people by giving them new resources in moments of need will become a standard practice.

Confidential

Advance the field through advisory and thought leadership work

Our Ambition:

Canary is here to help

Confidential
slide-33
SLIDE 33

Money is available to people when they need it. We understand that a quick turnaround is integral to getting the right money at the right time. Built entirely online, we provide you with a better user experience; people can access the fund from wherever in the U.S. they may be. Data collection about triggers, usage, and impact power insights and iteration to increase return on the funds invested over time.

33 Confidential

Canary provides an innovative, high-impact solution

Digital Data-Driven Timely

slide-34
SLIDE 34

Canary delivers:

Immediate Impact Meaningful Interventions

82%

Felt supported by employer

“I may have let my medical bills go to collections, which would have impacted my credit after working
  • n it for 20 years. We want to buy a house, so that
would have affected us down the road.” “I felt that my employer was there for me in my time of need. Financial stress can be distracting at work and in all areas of life. It felt great to have one less thing to worry about for the moment.”

87%

Got the breathing room needed to figure out next steps

“Huge relief.”

23%

Avoided eviction or foreclosure notice

50%

Avoided late fee on a bill

“I was approved immediately… As soon as I got off work, I sent the money to the
  • landlord. It really really
helped.”

32%

Avoided lateness

  • r absence from

work

34 Confidential
slide-35
SLIDE 35 35

$1,000 ≠ $20 every two weeks It can be more.

Confidential
slide-36
SLIDE 36 36

What if everyone had the right money, at the right time?

Confidential
slide-37
SLIDE 37 Confidential

Contact Rachel Schneider for more information:

rachel@workwithcanary.com

www.workwithcanary.com

37
slide-38
SLIDE 38

A Financial Cushion for Every Worker

38

slide-39
SLIDE 39

69%

Nearly 7 out of 10 Americans have less than $1,000 saved

39

Source: 2019 GOBankingRates Survey

slide-40
SLIDE 40

45%

Nearly half of Americans have no savings at all

40

Source: 2019 GOBankingRates Survey

slide-41
SLIDE 41

For low- and moderate- income workers, financial shocks are routine experiences

41
slide-42
SLIDE 42

Now, more than ever, workers need a safety net to deal with these uncertain times

42
slide-43
SLIDE 43

To provide the tools for every worker to build a financial cushion

That’s why our mission is:

43
slide-44
SLIDE 44

Payroll-linked Savings Bite-sized Financial Education

What the 401k is for retirement savings, Onward is for emergency savings

44

Personalized Coaching

slide-45
SLIDE 45

We primarily work with Small-to-Medium sized

  • rganizations to help address financial insecurity

Some Clients

45
slide-46
SLIDE 46

With the right tools, any worker can build a financial cushion effortlessly

"I've never had more than $100 in my savings account at any one time. Now I have

  • ver $1000!"
  • Astry, Onward Saver

$3,007

  • Avg. Onward User Balance
46
slide-47
SLIDE 47

Customizable Campaigns Incentives Management

Giving every Employer the

  • pportunity to be

“The Hero of the Story”

47

Impact Dashboard

slide-48
SLIDE 48

Since our early pilots, we have gained support from funders including Stanford, BlackRock and MetLife

48
slide-49
SLIDE 49

Our team is uniquely qualified and committed to addressing financial insecurity

49
slide-50
SLIDE 50

Onward Financial Cushion Financial Milestones Retirement Savings

Our vision is to see every U.S. employer offer Onward to create a baseline of financial security

50
slide-51
SLIDE 51

Join The Journey!

Our Ask: Consider supporting us on the journey to help 50,000 workers achieve financial security over the next 3 years

Schedule a call with me at calendly.com/ronnie-onward

51
slide-52
SLIDE 52

Thank You! Questions?

52
slide-53
SLIDE 53

Contact Us

info@onward.org facebook.com/Onward @GetOnward 301-787-3096

53
slide-54
SLIDE 54

CONTROL PANEL

Click the QUESTIONS box to share a question for the presenters.

QUESTIONS

Q & A

MELISSA GOPNIK COMMONWEALTH RACHEL SCHNEIDER CANARY EVELYN STARK METLIFE FOUNDATION RONNIE WASHINGTON ONWARD
slide-55
SLIDE 55

PLEASE FILL OUT OUR SURVEY

` ` The survey will pop up on your screen momentarily and will also be sent to you via email WE VALUE YOUR TIME, AND YOUR RESPONSES WILL INFORM OUR FUTURE PLANNING Thank you for attending today’s Asset Funders Network presentation AssetFunders.org