Ashoka
What Employers Can Do: How A New Savings Plan Can Rescue Low Wage Workers
American workers were on a tightrope before the Covid pandemic, many surviving by the month, working full time—maybe more than one job, yet unable to save or get out of debt. The economic shutdown only heightened the daily anxiety, adding illness and sudden job loss to their concerns. Ronnie Washington founded Onward as a path towards financial security, starting by helping clients save for strained and uncertain times. We asked Ronnie how his work takes on new significance during the Covid crisis.
Ashoka insight
Just as financial security is a mindset, scarcity is also a mindset. People feel constant anxiety about not having enough, and this prevents them from preparing for the future. But saving that first $2000 is liberating. It is a first step away from scarcity towards security. It’s a transformation that requires trust.