Too many Texans do not have the financial resources necessary to weather unexpected expenses, much less a devastating hurricane or pandemic. RAISE Texas is working to change this by addressing barriers to saving, expanding saving opportunities, and advocating for policies that support saving.
The following are examples of our work to advance savings opportunities in Texas:
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Children’s Savings Accounts (CSAs) for College: We are working to expand children’s savings accounts for college in partnership with Texas public schools and connect college savings accounts to Texas’ mandated financial education curriculum.
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Prize-Linked Savings: RAISE Texas helped secure a legislative victory that now allows prize-linked savings programs in Texas. Our next steps are to expand the number of financial institutions offering prize-linked savings accounts and to promote these fun, effective savings opportunities statewide.
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Tax Time Savings: In our Tax Time Savings Pilot, we learned what works and doesn’t work in getting VITA sites to promote savings at tax time. Now it is easier than ever to save at tax time since you can split your refunds into 1, 2 or 3 accounts through Direct Deposit. Even if you don't have a bank account, you can purchase U.S. Savings Bonds as a way to save. We encourage VITA sites to seize this opportunity to promote saving.
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Saving for College: With support from Bank of America, RAISE Texas created Saving for College: The Why, When, and How to inform Texas families about their savings options.
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Incentivized Savings: The research and the experience in our statewide network shows that incentives and matched savings work; the challenge is to secure sustainable funding.