MetLife Foundation was created in 1976 to continue MetLife's longstanding tradition of corporate contributions and community involvement. Today, the Foundation is dedicated to advancing financial inclusion, helping to build a secure future for individuals and communities around the world. MetLife Foundation believes that affordable, accessible and well-designed financial services can transform the lives of those in need, and has committed $200 million over the next five years to advancing this effort around the world
CFED is seeking participants for the Savings Innovation Learning Cluster (SILC). Participants will have experience in providing asset-building services to low- and moderate-income (LMI) individuals and families. Additionally, they will want to develop and test innovative strategies for helping LMI families to save. CFED invites your organization to apply for this opportunity to collaborate with peers and receive individual technical assistance. Participation in this SILC will allow you to develop (or refine), implement and evaluate a savings innovation that has potential to achieve meaningful scale and impact. Over the past few years, many new ideas and efforts have proliferated that use a variety of products, strategies, technologies and behavioral insights to prompt and enhance savings behavior among LMI populations (e.g., prize-linked savings, encouraging auto-savings at the workplace, tax-time savings, adding savings features to prepaid cards, etc.). Despite showing initial promise, we know very little about the mechanics of how these strategies encourage savings (i.e., what aspects of the programs facilitate saving and what parts, if any, create barriers to saving), as well as their relative effectiveness. The question remains: are there specific aspects of these programs-such as product offerings and features, behavioral prompts, targeting particular populations or specific timing of interventions, and the like-that, if altered, would lead to improved savings outcomes, particularly at large scale.
CFED will hold a webinar discussing the opportunity on January 7, 2014, from 4-5 pm EST. Please click here https://www1.gotomeeting.com/register/205034040 to register for the webinar.
This opportunity will be open to any type of organization that has the capability to launch and test a savings innovation as described in the Activities & Responsibilities for Selected Participants section in the 12-month period. Eligible organization types include, but are not limited to:
Community-based nonprofit organizations
Economic or community development organizations
Federal, state or local government agencies
Financial service providers
To ensure there will be sufficient time to launch and test the concepts, the applicants must have:
Organizational experience in operating programs or providing services that promote asset-building or improve financial well-being for LMI individuals and families, though the amount of experience may vary.
A concept for a savings innovation that the organization wants to initiate or iterate and improve upon.
The ability to develop and implement the savings innovation within a four- to six-month time period.
Applications must be completed online and are due by January 24, 2014.
For more information, visit www.metlife.com/metlife-foundation