47 Percent of All Americans Have Less Than $400 in Their Savings Account
RICHMOND, CALIF., AUGUST 15, 2017 … In an effort to bring financial stability to Contra Costa County’s low-income residents, Rubicon Programs, a nonprofit fighting poverty in the East Bay, Sparkpoint Contra Costa and Travis Credit Union have partnered to launch their new “Crave 2 Save” challenge for Contra Costa County residents.
“At Rubicon, our job is to support our community in building financial, social and human capital,” said Jane Fischberg, President and CEO of Rubicon Programs. “You can’t break the cycle of poverty without saving for the unexpected. For many families, one car repair or dental emergency can be the difference between economic stability and debilitating debt.”
A savings account can save much more than money. 47 percent of all Americans have less than $400 in their savings account and are unprepared for life’s emergencies. Without a savings account, many people must turn to high-interest payday advance loans and credit cards for relief. The small debt eventually balloons to be unmanageable thanks to outrageous 450 percent APRs.
“Travis Credit Union exists to create value in the communities we serve and we believe a family’s ability to save for their future is the foundation of financial success,” said Barry Nelson, President and CEO of Travis Credit Union. “Through the Crave 2 Save program with partners like Rubicon we will break the cycle of poverty.”
So what’s the challenge? Eight nonprofits in four counties across the Bay Area will compete to enroll as many people into savings accounts as possible by December 31, 2017. The two nonprofits from the winning county will split a $75,000 prize that will fund each of the organization’s work to end the cycle of poverty.
To earn points for the two nonprofits, Crave 2 Save participants must open a free new Travis Credit Union savings account, mention the Crave2Save Challenge using the tracking code “CCC1,” meet savings targets that add up to $400, and attend a free financial education seminar. All participants will be entered to win a $100 giveaway at their local branch.
Rubicon Programs is a 501(c)3 nonprofit whose mission is to transform East Bay communities by equipping people to break the cycle of poverty. The organization serves the people of Contra Costa and Alameda counties, and provides services that help low-income individuals enter the workforce and develop fulfilling lives.
Travis Credit Union, headquartered in Vacaville, California, is a not-for-profit cooperative financial institution serving those who live or work in Alameda, Colusa, Contra Costa, Merced Napa, Placer, Sacramento, San Joaquin, Solano, Sonoma, Stanislaus, and Yolo Counties. Currently, Travis Credit Union is the 14th largest credit union in California with more than 189,000 members and more than $2.8 billion in assets. As one of the leading financial institutions in Solano, Contra Costa, Yolo and Merced Counties, Travis Credit Union’s strength lies in its faithful commitment to its members and the community; its solid, secure history; and its long-standing track record of dedicated service.
CONTACT: Jonathan Bash | email@example.com | (510) 231-3993