With more than 300,000 active users, Even expands financial wellness platform in partnership with Neighborhood Trust to offer live one-on-one counseling to the most financially vulnerable
OAKLAND, CALIF. & NEW YORK – June 20, 2019 –Even.com today announced it is expanding the capabilities of its holistic financial wellness platform to give users access to in-person advice from an expert financial coach. In partnership with Neighborhood Trust Financial Partners, a nonprofit social enterprise and a national leader in financial counseling, Even will offer Trusted AdvisorTM, Neighborhood Trust’s workplace-based solution, as a new feature designed to help those most in need.
More than 300,000 people across the nation at every income level rely on Even’s financial wellness platform, with 72 percent using the platform every week and 40 percent using it daily. By integrating with time and attendance, payroll and banking systems, Even’s technology is able to generate a complete picture of each user’s financial healthand helps them plan, spend, borrow, and save with the following features:
- Automatic Budgeting: Planning ahead with a personalized budget that considers upcoming pay cycles and bills
- Okay to Spend: Notifications of how much is okay to spend at any given moment
- Instapay: Early access to earned wages with no interest or transaction fees to break away from the predatory payday loan cycle or overuse of credit
- Savings: Automated savings towards concrete, personalized goals
Because it already has a rich understanding of each user’s financial health, Even can instantly identify which users can benefit most from one-to-one counseling, and with the addition of Trusted Advisor it can now offer that counseling directly. This effectively gives the most vulnerable people – who are often overlooked and underserved by traditional financial institutions – the guidance of a trusted coach to help navigate stressful financial decisions and establish a plan for meeting long-term goals.
“Our holistic approach for improving financial wellness has proven to be extremely effective in helping Americans break the paycheck to paycheck cycle, but there are still lots of people who need additional help, which is when face-to-face communication becomes invaluable,” said Jon Schlossberg, CEO of Even. “Financial counseling is often prohibitively expensive for the people who need it most. Adding Trusted Advisor to our platform makes it possible for employers to offer the one-to-one guidance these folks need in a highly cost-effective manner.”
A human coach can help users get the most value out of Even’s comprehensive platform, as well as address complex financial challenges and behavioral barriers like limited bandwidth. Because of this, Trusted Advisor is uniquely positioned to complement Even’s platform with coaches that have extensive experience connecting with people through their employers. Moreover, offering Trusted Advisor through Even maximizes its impact because Even is already reinforcing positive behaviors like budgeting and saving.
“People everywhere are struggling to make ends meet and need employer-backed tools and personal guidance that helps them save, manage cash flow, pay off debt and cover unexpected expenses,” said Justine Zinkin, CEO, Neighborhood Trust Financial Partners. “By combining our mission-driven, client-first approach to financial coaching with Even’s innovative suite of automated solutions, we’ve created a uniquely powerful FinTech-nonprofit model for solving the financial challenges facing people today.”
Users can meet with a Trusted Advisor coach via phone or Skype to identify their goals—such as paying down student loan debt, buying a car, or saving for retirement—and create an action plan. Coaches make recommendations on helpful steps, tools, and products based on users’ needs, and motivate them to stay on track with their goals via text message reminders. Users can then track their progress through the digital platform and follow-up sessions with their coaches.
Trusted Advisor will be available to select employer partners this summer.
For more information on Even please visit www.even.com.
About Even
Even is a mission-driven technology company working to end the paycheck-to-paycheck cycle. The company’s technology integrates with attendance, payroll, and banking systems to create innovative products that address the core components of financial health. The company was founded by former Instagram and Google engineers, and is headquartered in Oakland, California. Additional information at www.even.com.
About Neighborhood Trust Financial Partners
Neighborhood Trust is a nonprofit social enterprise empowering workers to take control of their finances and achieve financial health. With more than 20 years of financial counseling experience, we blend our trusted financial guidance with innovative technology solutions and actionable financial products to help workers’ paychecks go further. Neighborhood Trust embeds our services where workers get paid, access financial services and make financial decisions. Annually we reach more than 10,000 low- and moderate-income workers across the country. For more information, visit www.neighborhoodtrust.org.
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