ROCKY HILL, CT -- Connecticut United Ways received a $10,000 grant from Webster Bank to support a new campaign to boost emergency savings for financially-struggling families. ALICE Saves will provide participants with cash rewards to kick-start a life-long habit of saving.
Connecticut United Ways published the 2018 ALICE Report in September and found that 40% of Connecticut households have income which falls below what is needed to pay for basic necessities. These families, identified as ALICE (ALICE - Asset Limited Income Constrained Employed) in the report, are forced to make tough choices every day as they manage their household budget.
"Webster is dedicated to being a caring and committed member of the communities we serve," said Kathy Luria, senior vice president, Community Affairs, director of philanthropy at Webster Bank. "We are pleased to provide the funding for United Ways of Connecticut to launch this campaign which will help families move toward greater financial stability and saving for the future."
"Even a small, unexpected expense or emergency like needing a new refrigerator can upend a family's budget," said Richard Porth, President and CEO of United Way of Connecticut, "We are grateful to Webster Bank for recognizing the important role emergency savings can play in preventing a financial crisis."
Individuals who sign up for ALICE Saves, which begins in January 2019, will receive $10 for each month in which they save at least $20 during their first six months of savings. For more information, visit alice.ctunitedway.org.
About Connecticut United Ways
Connecticut United Ways advance the common good by creating opportunities for all, with a particular focus on education, income/financial security, health, and basic needs - the building blocks for a good quality of life. We engage people and organizations throughout our communities who bring passion, expertise, and resources needed to get things done, and we invite everyone to be part of the change.
About Webster Bank
Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $27.3 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 157 banking centers and 319 ATMs. Webster also provides mobile and online banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender.
United Way of Connecticut