U.S. SaverLife: Understanding the impact of COVID-19 on savings
MetLife Foundation funded SaverLife, a nonprofit fintech organization that helps low-income working families achieve prosperity through savings. By incentivizing people to regularly save a small amount of money, SaverLife sees people take their savings accounts from empty to creating a small cushion to protect them from unexpected expenses. In 2020, SaverLife launched a new report in response to COVID-19 that offered insights into the financial impacts of remote schooling, savings rates, and how working families are bracing for an uncertain economic future.
SaverLife also distributed $425,000 in cash grants from MetLife Foundation to their members, who used the funds to pay rent, bills, and save. Throughout the year, SaverLife communicated with their members and used their data to identify those who had not received stimulus payments from the U.S. federal government program, helping them through the application process and enabling access to the funds.
“With MetLife Foundation’s support and by leveraging our existing technology, SaverLife is uniquely poised to provide effective and rapid economic support to working families facing unprecedented financial uncertainty.” – Leigh Phillips, CEO, SaverLife
In Asia, MetLife Foundation committed more than $4.2 million across 11 countries supporting immediate healthcare needs and providing food supplies and other financial needs for low-income families most affected by the pandemic.
MetLife Foundation also supported leading organizations in India, Bangladesh, Vietnam, Malaysia, Australia and Singapore by providing critical support for immediate healthcare needs, as well as food and cash assistance to low-income families most affected by the pandemic.
iWorkers: Digital marketplaces changing the nature of employment worldwide
These platforms connect and engage hundreds of millions of independent and flexible workers around the world to provide various services. In China, a large percentage of the workforce is widely distributed and digitally managed, such as the 5 million delivery riders connected to the Meituan Dianping and Suning platforms. Through our partners in China like CAFI (Chinese Academy for Financial Inclusion), along with BFAGlobal, and UNCDF, we work with some of the largest marketplaces and platforms, including Meituan Dianping and Lionbridge group, to better understand the financial health of their delivery workers as well as developing and distributing financial services in ways that will improve their financial health.
MicroSave: Supporting creative COVID-19 storytelling
The microfinance sector in Asia serves millions of low-income customers every year—over 100 million in India and Bangladesh alone—with targeted, affordable, and convenient financial services. With the lack of credible information about the pandemic, MicroSave came up with a creative solution: simple, conversational comics that present clear and vetted information on the virus, consistent with WHO and national health ministry messages. With support from MetLife Foundation, MicroSave issued two comics: one for microfinance field staff and one specifically for clients. The free comics reached millions of people throughout the year.
Addressing the facemask shortage in Korea
To help address a nationwide shortage of facemasks, MetLife Korea employees, agents, customers, and family members participated in a volunteer-from-home event organized by MetLife Korea Foundation. The volunteers assembled 2,000 kits providing facemasks and sanitizers for senior citizens living alone.