14 December 2023

You Can Take Control of Your Retirement Savings with Spave App

By Ronald Smith

Retirement savings are changing, especially when it comes to accounts provided by employers.

Nowadays, people like me, especially young adults, prefer having autonomy over their money instead of relying on employer-created accounts. We also tend to switch jobs more often than previous generations. Additionally, the gig economy has emerged and grown significantly, rendering traditional retirement accounts irrelevant for a large portion of the population.

Susan Langer, CEO of Live.Give.Save., reports that over 50% of Americans are not saving for retirement. In certain demographic groups, this number can even reach 80%.

Introducing the Spave App

Guess what? I’ve got some exciting news about a new app that our company just launched. Seriously, it’s a game-changer! This app is called Spave, and it’s designed to help you address a problem that we all face – how to manage our spending and make a positive impact at the same time.

So, let me break it down for you. When you use the Spave app, you can choose to allocate a percentage of your spending to some awesome causes. You can either support non-profit organizations that have been approved, save it up in your savings account, or invest it for your future retirement. Pretty cool, right?

Here’s how it works. First, you need to download the app. Right now, it’s available on iOS, and we’re working hard to bring it to Android soon, so stay tuned. Once you’ve got the app, you’ll spend a little time connecting your accounts or picking from our list of amazing charitable organizations.

But here’s the best part: once you’ve done that initial setup, everything else happens effortlessly. You can just set it and forget it! The app takes care of the rest, automatically making sure your contributions go where you intended without you having to lift a finger.

Are you ready to make a difference with your spending?

If you’re a business owner, I’ve got an idea for you. How about using this cool app as an add-on to your employee engagement programs and other benefits? Imagine this: you can invite your team members to join the app and pledge to match their donations to charities, or even contribute to their savings or retirement accounts at the end of each year. And here’s the best part – you can use this app alongside your existing benefits or offer it to contract or part-time workers who may not qualify for full benefits.

You’ve got a few choices when it comes to matching employee contributions using the app. Each user can access reports for their own savings or donations. So, by the end of the year, you can have them send in their reports, and you’ll match their contributions fully or up to a certain amount. Alternatively, they can give you permission to access their account directly, so you don’t have to rely on them. It’s all about making things simple and seamless!

Let me fill you in on some exciting news. We’re teaming up with Red Wing Shoes to create an awesome program for small businesses. It’s called spaveKit, and it includes everything you need to engage your employees using spave. This will be particularly useful as part of your company’s Wellbeing Program. We want to make it easy for you to make a difference!

The company is working hard to add new features that allow you to include spave’s functionality in your current employee benefits package. Keep in mind that these more advanced features will come at a cost. However, I truly believe that this approach to employee engagement can benefit both workers and businesses.

I want to emphasize how important it is to offer these engagement and wellness programs. They can help you attract top talent, keep them on your team, and motivate them to do their best. By giving employees more control over the process, you show them that you truly understand their needs and value their input. This is especially crucial in today’s gig economy.

In addition to the retirement aspect, spave also focuses on charitable contributions, which can be a big draw for employees who care about making a positive impact. As an employer, you have the opportunity to match your employees’ contributions to the causes they care about most. You could even choose monthly themes or causes to encourage group charitable giving. To take it a step further, you can use the app for group volunteer events and other charitable activities that demonstrate your company’s commitment to doing good.