Prior to the pandemic, nearly 46% of Texas households were liquid asset poor, meaning they lacked savings to make ends meet for three months at the poverty level if income is disrupted. The pandemic only intensified the critical role of savings in building resilient families and communities.
The resilience and economic health of Texas communities depends on financially healthy families.
RAISE Texas is exploring policies and programs that will support Texans in saving for near-term unexpected expenses, as well as future goals. Below are a few savings opportunities currently offered in Texas, but we must to more to support the financial health of our residents.
- Prize-Linked Savings: Banks and credit unions in Texas can offer prize-linked savings accounts, offering chances to win cash prizes for Texans who are making deposits into designated savings accounts. Click here to see if Save to Win is in your community.
- Tax Time Savings: Tax time can be the perfect time to build savings. VITA sites can offer to split the direct deposit of a tax refund into up to three accounts or purchase a U.S. Savings Bond. Click here to learn more.
- SaverLife Platform: Some members in our network have partnered with SaverLife to help their clients build a habit of saving. Click here to learn more.