Challenger Finance Receives $ 226,000 State of Colorado Grant for Emergency Savings Accounts for Coloradans
DENVER, November 18, 2021 / PRNewswire / – Colorado residents face a savings crisis. According to the Federal Reserve, 39% of American adults cannot afford a $ 400 unforeseen expense. Common events like a car breakdown, medical expense, or home repair cost millions of dollars in debt every year.
To help cope with this crisis, the Colorado Bureau of Economic Development and International Trade (OEDIT) awarded Challenger Finance, a mission Denver-based on fintech, a $ 226,000 grant to help Colorado employers make the Emergency Savings Account an ordinary social benefit alongside the 401k. The grant is part of the OEDIT initiative to promote innovation in from Colorado Advanced industries.
âUnexpected financial emergencies hurt individuals, their families and their employers, but it doesn’t have to be so,â said the CEO of Challenger. Nate gruendemann. âEmployers who work with Challenger can help their employees set aside $ 1,500 savings per year with Challenger on average. Emergency savings accounts can be a life-changing program that promotes savings, prevents debt, and improves quality of life. “
As companies struggle to retain their employees amid the âbig resignation,â Challenger’s program has been proven to help employers prevent turnover. Companies working with Challenger report 26% higher retention rates for employees using Challenger emergency savings accounts.
âThe support of our home state of Colorado is an important first step towards leading a vital political conversation on emergency savings, âsaid Gruendemann. âTax-efficient retirement savings and health care accounts exclude many Americans who need flexibility in spending and instant access to their money. Challenger is working with employers across the country to create programs for their employees that create financial safety nets and start a habit of saving. “
About Challenger – Challenger Finance Inc. provides employer sponsored financial products for the US workforce, starting with emergency savings. Founded in 2019 and based in Denver, Challenger helps employers improve retention while employees accumulate their savings. For more information, visit getchallenger.com.
If you would like to contact the Challenger team directly, you can email them at: [emailÂ protected]
SOURCE Challenger Finance