We live in a time where household income is at an all-time high, technology surrounds us 24/7, and there are unprecedented opportunities around every corner. Unfortunately, these opportunities are not readily available to everyone. 3 out of 10 Americans have more credit card debt than emergency savings and outstanding consumer debt recently surpassed $4 trillion for the first time.
As a society, we are on a high-speed train with questionable brakes heading towards long-term financial uncertainty. If you believe that you are immune to the savings crisis, the grim reality is that 95 percent of millennials are not adequately saving for retirement. The repercussions of Americans saving less and less of every paycheck will unfortunately be realized years from now, most likely once it’s too late to do anything about it.
The facts are out there. It’s time to pay attention to them.
Financial Life has been started with a simple goal: help people save money.
We believe in communities coming together and helping one another save. That’s one of the many reasons why we are rewarding people with a higher interest rate for telling others about it. We want people to start talking about finances, sharing great ideas, and helping one another.
We also want to incentivize good savings behavior. Establish good habits and save for six months in a row, earn a rate boost. Learn about finances through our custom coursework and pass financial literacy tests for additional rate boosts.
Our first initiative is giving everyone access to FDIC-insured high-yield savings accounts where rates can be “boosted” up to 6%, regardless of your account balance.
Financial Life is here to level the playing field, to help you improve your financial health, and to solidify the foundation of your financial life. Every journey begins with a first step. We are here to help you take yours.