It takes more than an adequate paycheck to feel financially secure. Beyond having enough income to cover routine expenses, life involves many unanticipated expenses. It also involves our goals and dreams, many of which have price tags. MatchSavings aims to break the cycle where a majority of American workers live paycheck-to-paycheck and borrow their unplanned expenses, further planting their paycheck-to-paycheck status. At MatchSavings we believe this majority will become the minority with better savings tools.
MatchSavings is an employee benefit offering that makes it easy for employees to save money systematically through payroll deduction to an employee savings account. As an incentive for employees to build savings, an employer may offer to match a percentage of the employee’s savings, which helps the savings grow faster. Employees can have access to their savings anytime they need it, and be back on track for their personal savings goals by the next pay period.
Most Americans receive little to no money management knowledge from home, primary school or even college. There are thousands of banking and investment options, with little guidance on how we should engage with them, and for many it can be intimidating. There are thousands of ways to spend. Artificial intelligence has widened the net of marketers and credit card companies flood our mailboxes with offers to go into debt. It is too easy to spend money once it is in our hands or even before we receive it.
MatchSavings jumps upstream of spending temptations, allowing people to save directly from their paycheck, and in most cases receive a match reward. Through consistency in saving a little each pay period, the savings grows, and consumers make more intentional decisions with their money.
MatchSavings is an online savings account that earns interest and a match reward from your employer in most cases.
A low-cost diversified investment platform is planned for the near future, where users can sweep money between the savings account and the investment account.
We will continue adding support to help you understand money management topics such as compounding interest and return, offer you free financial calculators, link you to consumer reports for major purchases, and help you understand and repair credit scores, if needed. MatchSavings exists to help you succeed in reaching your financial goals by making it easier to save, track, and manage money.
As a flight attendant fresh out of college and living in New York City in the 80’s, I lived a period of great fun, worldly exploration, and yes, living just beyond paycheck-to-paycheck with the help of a credit card. Thank heavens this period only lasted a couple years.
Working in banking, trust services and investments for 14 years I became financially educated. As a Certified Retirement Services Professional leading the employee benefits area of a regional bank, I understood the impact of employer-sponsored benefit programs. It was my observation during this time period however, that the most effective savings tools were for long-term objectives, such as retirement, and that short-term savings was still a challenge for many.
As top executive of a local charity for 13 years, I came face-to-face with thousands of people with various needs within the local communities in which I lived and worked. I observed first-hand how a steady income through consistency of work and an ability to save routinely, even a little money, were major factors in a person’s ability to cope with life’s circumstances. It wasn’t a matter of IF life threw an unexpected curveball, it was WHEN. Everyone experiences them. It was during this period when the idea of MatchSavings was born.
Tona has teamed up with Vault Innovation Group, Chicago, IL for the software development of MatchSavings and has engaged the services of Michael Best Lawyers, Chicago, IL for legal guidance.
MatchSavings is a simple and effective way to build a more financially stable workforce and improve your company’s bottom line. Book a 45-minute demo with our team to see how MatchSavings can add value to your workforce.