Research consistently shows that 35% of all Americans can only cover an emergency of $400 if they go into debt. In the communities we serve, that number is closer to 60%. A stable financial foundation is a fundamental strategy for fighting poverty in our communities.
Our ethos of learning by doing motivates members to save, little by little, building their financial resilience and confidence with each step. With a unique approach of:
Tech-Powered Learning: A multilingual app ensures our members remain engaged and driven to enhance their financial skills continuously.
Local Touch: Local community ambassadors offer one-on-one coaching, guidance and support tailored to each member's unique needs.
Professional Financial Coaching: We offer professional financial coaching to set goals, increase savings, reduce debt, improve credit, and access equitable banking products.
Real Behavioral Change: At Savings Collaborative, members don't just save money; they change their financial behaviors for life.
Testimonials
âSavings Collaborative helps me visualize my future based on the decisions I make today.â
âMy husband and I have worked for so many years, and now the pandemic has taken everything away from my family. I donât want to grow old and poor!â
We build financial resilience and wealth across generations by making it fair - and easy for people left outside mainstream banking to save money and develop the habit of savings.
Our story begins over a decade ago, when lifelong teacher and philanthropist George Stranahan met regularly with Barbara Freeman, our founder and CEO. Together, they explored ideas to help those facing financial barriers locally and globally.
In 2018, inspired by research showing 60% of Latino families lacked basic emergency savings, they resolved to act. Using human-centered design, our team worked hand-in-hand with the community to create an innovative savings model and app. This effort led to the birth of our organization, initially known as LaMedichi.
Today, Savings Collaborative has nearly 2,000 members. All of our clients are low-income, 92% Latino immigrants and refugees, 90% rural, and 10% from communities in Aurora, Boulder/Lafayette, and Denver. Despite inflation and other economic challenges, our clients have collectively saved over $3.5 million since 2021.
As the Financial Counseling Provider for the new FEC of the Rockies (the only tri-county Regional Financial Office in the country) beginning in early 2024, we aim to help more local families gain control of their finances and build wealth.
Organization name
Savings Collaborative
other names
LaMedichi
2020
Tax id (EIN)
85-4176243
Category
Education, Mutual & Membership Benefit
Organization Size
Medium Organization
Address
959 CEDAR CRKGarfield County, CO, US
Pitkin County, CO, US
Eagle County, CO, US
Boulder County, CO, US
Denver, CO, US