Even Expands Pay Advance Offer To Include Goal-Based Savings

Financial wellness technology startup Even is rolling out a new savings solution that gives users the ability to target three goals at the same time, the company announced on Thursday (Jan. 23).

Even customers can earmark up to 10 percent of their paycheck for each goal they set, and funds will be automatically deposited to each goal’s corresponding account.

“Due to the fragmented nature of today’s financial systems, it’s become increasingly difficult for people to track how their next paycheck will compare to their upcoming bills, which makes saving nearly impossible,” said Even CEO Jon Schlossberg.

“We solve this problem because we integrate with payroll, attendance and banking systems to generate a complete picture of each user’s financial health, in turn taking the guesswork out of saving. Now, we’re giving members more control of how they want to save with the ability to set money aside for distinct and tangible goals,” he said.

Members can utilize Even’s savings solution to give their goals distinct names with a corresponding emoji. Users can set up automatic transfers of up to 10 percent of each paycheck per goal for a maximum of 30 percent. Goals can be modified anytime and customers can withdraw money whenever they want.

So far, customers have deposited in excess of $21 million into their savings accounts. The average Even savings client deposited $167 within three months.

Walmart is among the many employers that offer Even’s financial wellness platform as an HR benefit. David Hoke, Walmart’s senior director of associate health and well-being, told CNN that about 81,000 of the retailer’s employees use Even’s savings product.

Other Even benefits include customized budgeting, spend notifications and early access to paychecks with no interest or transaction fees.

Even recently commissioned a survey showing that 65 percent of Americans don’t plan ahead financially, and only a fifth of respondents said they have six months of living expenses in savings.

FinTechs and payment technology firms are exploring ways to wield technology to connect employees with their wages on-demand, often with a focus of helping workers avoid the sometimes detrimental trap of payday lending. Walmart made a deal with Even in 2017.