“Sometime in the future, if they have enough in their emergency fund, maybe they’ll open up a Roth IRA, if they don’t have a plan at the workplace, or maybe they’ll find a job where there’s a 401k at the workplace,” Hounsell said. Saving is especially important for Latina women because they have the longest life expectancy of all U.S. demographics, said WISER President Cindy Hounsell. Hounsell, who jokes that people call her “the crazy retirement lady,” said getting in the habit of putting aside a small amount each month could be a step toward other types of savings.
Source madison.com In the pilot, conducted in four cities, 75% of participants opened savings accounts and 52% of those saved. Of those who saved, about 80% met the $20 per month savings threshold to earn a $10 per month match. Those who received the match finished the program with an average of $225 saved.
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