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A Fragile BalanceProsperity SmartSave Card: An Incentivized Emergency Savings Strategy

A Fragile Balance: Prosperity SmartSave Card: An Incentivized Emergency Savings Strategy [The Great Recession affirmed the need for families across all income strata in the United States to build contingency funds, yet saving for future emergencies is most difficult in households that most need help in weathering unexpected expenditures—those with little to no disposable income. Building emergency savings alone will not bring significant improvements in families’ economic security; promoting savings is only one element of a broader effort to move families toward financial security. Building strong credit histories is another pivotal component of improving financial security within the US financial systems. The Prosperity SmartSave card, developed by Prosperity Works, is designed to address both of these critical components of financial security, providing access to emergency savings funds and helping consumers build credit histories, especially for those who are un- or underbanked.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Fragile BalanceProsperity SmartSave Card: An Incentivized Emergency Savings Strategy

Editors: Collins, J. Michael
A Fragile Balance — Nov 3, 2015

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Publisher
Palgrave Macmillan US
Copyright
© Palgrave Macmillan, a division of Nature America Inc. 2015
ISBN
978-1-349-50398-8
Pages
141 –152
DOI
10.1057/9781137482372_9
Publisher site
See Chapter on Publisher Site

Abstract

[The Great Recession affirmed the need for families across all income strata in the United States to build contingency funds, yet saving for future emergencies is most difficult in households that most need help in weathering unexpected expenditures—those with little to no disposable income. Building emergency savings alone will not bring significant improvements in families’ economic security; promoting savings is only one element of a broader effort to move families toward financial security. Building strong credit histories is another pivotal component of improving financial security within the US financial systems. The Prosperity SmartSave card, developed by Prosperity Works, is designed to address both of these critical components of financial security, providing access to emergency savings funds and helping consumers build credit histories, especially for those who are un- or underbanked.]

Published: Nov 3, 2015

Keywords: Credit Union; Financial Security; African American Family; Saving Account; Financial Education

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