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Prosperity SmartSave Card: An Incentivized Emergency Savings Strategy

In: A Fragile Balance

Author

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  • Sharon Henderson

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.

Suggested Citation

  • Sharon Henderson, 2015. "Prosperity SmartSave Card: An Incentivized Emergency Savings Strategy," Palgrave Macmillan Books, in: J. Michael Collins (ed.), A Fragile Balance, chapter 0, pages 141-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-48237-2_9
    DOI: 10.1057/9781137482372_9
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