TAX TIME SAVINGS INITIATIVE STRATEGY AND RESULTS
TAX TIME IS A GREAT TIME TO SAVE! Volunteer Income Tax Assistance A Family Economic Success Program of EBALD C
At our tax site we emphasize the great opportunity for low wage filers to save all or part of their tax refunds for specific financial goals or a rainy day. EBALDC tax preparation volunteers and staff help filers split their refunds between checking and savings accounts, purchase savings bonds, or open new accounts if they don’t already have one.
STRATEGY SUMMARY 2012 RESULTS TOTAL TAX CLIENTS 319 CLIENTS WHO SAVED 50 SAVINGS BONDS PURCHASED 19 SPLIT REFUNDS (FORM 8888) 22 PREPAID DEBIT CARDS OPENED 30 TOTAL INVESTED IN PERSONAL SAVINGS
$31,351 AVERAGE SAVED PER CLIENT
$627 SAVINGS CLIENT AVERAGE AGI
$20,293 BEYOND TAX TIME We also encouraged filers to receive deeper financial counseling through workshops and meetings with financial coaches, covering topics such as credit, debt management, budgeting and saving.
19 ATTENDED FINANCIAL WORKSHOPS 9 RECEIVED FINANCIAL COUNSELING
The key was to make saving as easy and convenient as possible, so filers could save directly at their tax preparation appointments and on-site. Additionally, consistent savings messaging was integrated into the full tax site experience. We used a series of simple nudges to encourage filers to save. Each person received 2-4 nudges so they could be prepared to act on the opportunity to save: Savings Commitment Pledge via Snail Mail Returning and new tax filers were asked to mail in a written pledge to save, outlining their savings goal, amount and method prior to their appointments. Phone Reminder Before Appointment Staff and volunteers followed up with filers before their appointments to encourage them to follow through on their savings commitment and to answer questions like, “What is a savings bond?” and “How does splitting my refund work?” Visual Presentation on Savings Options Directly before their appointments, filers watched a video that explained the value of saving and the various savings options that we offered. Conversation with a ‘Savings Specialist’ On-site Staff and volunteers working as our ‘Savings Specialists’ at the tax site provided further encouragement, walked filers through the process and ensured that they followed through on their goal. www.ebaldc.org